After the Philippine Securities and Exchange Commission (SEC) issued a public warning against unregistered cryptocurrency exchanges earlier this year, interest in those very platforms including OKX, MEXC and Bitget has in fact surged among Filipino users.
Advisory sparks curiosity — not exodus
On August 4, 2025, the SEC publicly flagged 10 major global exchanges including OKX, MEXC and Bitget for operating in the Philippines without the required registration under the newly implemented Crypto Asset Service Provider (CASP) rules.
The rules, which took effect on July 5, require any platform offering crypto services to Filipinos to register locally, maintain a physical office, and meet a minimum capital requirement.
Despite the regulator’s warning that using unregistered exchanges poses serious risks, including total loss of funds, lack of legal recourse and heightened vulnerability to fraud, identity theft, or money-laundering – many Filipinos appear drawn to these platforms in greater numbers after the advisory.
Why the interest? Beyond controversy perceived utility
For one, OKX, MEXC and Bitget remain among the largest and most feature-rich global exchanges, offering access to a wide variety of cryptocurrencies, trading pairs, derivatives, liquidity, and often lower fees or faster execution compared to smaller or local platforms.
For users already familiar with their interface and ecosystem, these features can feel indispensable.
Even as regulators clamp down, many Filipinos, especially those comfortable with crypto may view these exchanges as more experienced, with deeper liquidity and better global infrastructure than fledgling local alternatives. The sense of global connectivity, wider asset variety, and potentially better trading tools appears to outweigh regulatory warnings for a segment of users.
Some crypto-savvy Filipinos also treat the SEC advisory and subsequent blocking by local internet providers as a temporary disruption rather than a permanent ban. Indeed, reports indicate that even after access to their websites was blocked by major telcos, some users attempted to reach the exchanges via alternative means.
The regulator’s stance: trading not banned only unauthorized platforms
Meanwhile, the SEC has clarified that the new CASP rules do not ban cryptocurrency trading per se — what matters is that platforms must secure proper registration and licensing to offer services legally in the Philippines. The enforcement effort aims to protect investors, ensure compliance with anti-money laundering laws, and uphold market integrity.
The commission warns that unregistered platforms may be used for money laundering or terrorist financing, and exposes users to risks including loss of funds, market manipulation, and identity theft.
What this means for Filipino crypto users ahead of 2025
As the year winds down, the surge in search interest indicates one of two possible trends: either a wave of Filipinos reconsidering global crypto exchanges in hopes of financial opportunity, or a surge of confusion — perhaps users trying to see whether the platforms remain accessible, or looking for workarounds.
For regulators and legitimate domestic exchanges, the development presents a tension. On one hand, enforcement is clearly intended to protect the public from unregulated, risky platforms. On the other hand, the rising popularity of flagged exchanges reveals a persistent demand for global-scale crypto services among Filipino traders that local players may struggle to match in terms of variety, liquidity, and global reach.
For now, the advisory and subsequent search-interest spike reflect how regulatory signals and market demand can interact in unpredictable ways. As 2025 approaches its close, the crypto community in the Philippines may find itself at a crossroads: between compliance, protection and the pull of global opportunity.
