{"id":531707,"date":"2022-12-27T14:30:00","date_gmt":"2022-12-27T11:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/philippine-sec-warns-against-unlicensed-crypto-exchanges-amid-ftx-collapse\/"},"modified":"2022-12-27T14:30:00","modified_gmt":"2022-12-27T11:30:00","slug":"philippine-sec-warns-against-unlicensed-crypto-exchanges-amid-ftx-collapse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/philippine-sec-warns-against-unlicensed-crypto-exchanges-amid-ftx-collapse\/","title":{"rendered":"# Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2ad3c62f868\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2ad3c62f868\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/philippine-sec-warns-against-unlicensed-crypto-exchanges-amid-ftx-collapse\/#%E2%80%9D_Philippine_SEC_warns_against_unlicensed_crypto_exchanges_amid_FTX_collapse_%E2%80%9C\" >&#8221; Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Philippine_SEC_warns_against_unlicensed_crypto_exchanges_amid_FTX_collapse_%E2%80%9C\"><\/span>&#8221; Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvY2VhZWJjMzQtYzBmMi00MjNjLTgxYWQtZTZjZDA2Y2VlNWU5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-71d2d00b>After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges.\u00a0<\/p>\n<p>The Securities and Exchanges Commission (SEC) in the Philippines <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov.ph\/advisories-2022\/unregistered-cryptocurrency-exchanges\/\">issued<\/a> an advisory to the public against using unregistered cryptocurrency exchanges that are operating within the country. Within the warning, the SEC did not directly mention the FTX exchange but said that the warning considers \u201cthe recent collapse of a large international cryptocurrency exchange.\u201d <\/p>\n<p>Citing the laws within the country, the government agency reiterated that any entity intending to conduct business within the country is required to register with the SEC. They wrote: <\/p>\n<blockquote><p>\u201cSEC is the registrar and overseer of the Philippine corporate sector; it supervises more than 600,000 active corporations and evaluates the financial statements (FS) filed by all corporations registered with it.\u201d<\/p><\/blockquote>\n<p>According to the SEC, a number of exchanges are targeting Filipino investors through advertisements online and through <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>. The government agency also highlighted that the exchanges are currently \u201cunlawfully allowing\u201d Filipinos to access their platforms and enable the creation of accounts online. The SEC wrote that these exchanges \u201coffer different products and schemes which are high-risk and sometimes fraudulent.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Philippines to explore blockchain use cases, launches training program<\/em><\/strong><\/p>\n<p>On Aug 4, the SEC singled out the Binance crypto exchange and warned local investors to not use the crypto trading platform. According to the SEC, the exchange is not licensed to solicit investments. Despite this, the exchange remained positive that they will be able to penetrate the country. <\/p>\n<p>On Aug. 19, the Banko Sentral ng Pilipinas (BSP), the country\u2019s central bank, issued a similar warning to local investors. The BSP urged Filipino citizens to refrain from using foreign virtual asset service providers that are not registered locally and are based abroad. According to the central bank, it would be difficult to enforce any consumer protection mechanisms and legal recourse when dealing with such businesses. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/philippine-sec-warns-against-unlicensed-crypto-exchanges-amid-ftx-collapse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse &#8220; After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges.\u00a0 The Securities and Exchanges Commission (SEC) in the Philippines issued an advisory to the public against using unregistered cryptocurrency exchanges that are operating&#8230;<\/p>\n","protected":false},"author":1,"featured_media":531708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/ceaebc34-c0f2-423c-81ad-e6cd06cee5e9.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75022,74860,75917,74898,117,70934],"class_list":["post-531707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-central-bank","tag-cryptocurrency-exchange","tag-exchanges","tag-sec","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=531707"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/531708"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=531707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=531707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=531707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}