SEC warns against 5 unregistered crypto platforms

The Securities and Exchange Commission (SEC) has issued an advisory against five additional unregistered cryptocurrency platforms targeting Filipinos: Blofin, CoinW, DigiFinex, LBank, and Pionex.

These platforms offer features that enable access within the Philippines, such as registration with a Philippine mobile number and acceptance of Philippine peso through on-ramp methods like banks or e-wallets.

The SEC warned that engaging with these unregistered entities exposes users to risks including loss of funds, lack of legal protection, and increased vulnerability to fraud and identity theft.

This advisory is part of the SEC's ongoing efforts to protect Filipino investors from unauthorized crypto-asset services, following a previous list issued earlier this month.

The commission said it will take enforcement actions against violators, such as issuing cease and desist orders and filing criminal complaints, while also coordinating with app stores and social media platforms to remove unauthorized platforms.

Additionally, the SEC reminded the public that any person or entity offering crypto asset trading venues or intermediation services must secure the necessary registration and licenses before operating in the Philippines.