Breaking News: Infrawatch Presses SEC to Shut Down Bitget, OKX for Illegal Crypto Ops in the Philippines
Infrawatch PH, a public policy group, has called on the Securities and Exchange Commission (SEC) to take swift action against unregistered cryptocurrency exchanges Bitget and OKX, alleging they operate illegally in the Philippines.
The group, through its convenor Terry Ridon, said the exchanges held promotional events at universities and conferences disguised as educational blockchain initiatives and warned of serious risks to Filipino investors by violating the countryโs regulations on virtual asset service providers (VASPs).
BitPinas has been sent a copy of the letter.
- Previous SEC action: Infrawatch PH praised the SECโs ban on Binance, citing it as an essential move to protect Filipino investors.
- Regulatory gap: Ridon said the absence of Binance has created space for other unlicensed platforms, such as Bitget and OKX, to enter the market.
Infrwatch on Bitget and OKX Operations:
As per Infrawatch about Bitget:
Bitget has enabled Filipinos to purchase Bitget tokens (BGB) using popular payment platforms such as GCash and local bank transfers, which clearly indicates its unauthorized presence in the Philippine financial system.
โThe use of GCash for crypto transactions through an unregistered platform opens millions of Filipinos to significant risks without the protection of Philippine financial regulations.โ
Terry Ridon, Infrawatch
Infrawatch on OKX:
“Similarly, OKX offers cryptocurrency purchase options through BSP-regulated banks and e-wallets such as GCash, Bank of the Philippine Islands, UnionBank, and PayMaya, but it lacks the necessary VASP license to operate legally in the country.”
Terry Ridon, Infrawatch
Concerns Over P2P Transactions:
Infrawatch noted the following concerns:
- Both platforms allegedly allow peer-to-peer (P2P) crypto transactions, which Infrawatch PH claims violate Philippine financial laws.
- P2P transactions without oversight create opportunities for money laundering and other illegal activities, the group added.
Deceptive Marketing Practices:
Infrawatch said:
- Bitget and OKX have engaged in aggressive marketing campaigns, including crypto giveaways and monetary rewards targeting Filipino users.
- They have also held promotional events at universities disguised as educational blockchain initiatives, according to Infrawatch PH.
“We reiterate our position that irrespective of the supposed education agenda of these activities, the ultimate objective of presenting or sponsoring these activities is to promote broader OKX adoption among Filipino university students.
This would have been well and good, if only OKX were a registered and licensed cryptocurrency exchange”
Terry Ridon, Infrawatch
Call to Action:
Infrawatch PH is urging the SEC to:
- Launch an immediate investigation into the operations of Bitget and OKX.
- Issue cease-and-desist orders and impose maximum penalties for regulatory violations.
- Ensure the SEC maintains the same strict enforcement seen in the Binance case to protect Filipino investors.
โBy allowing unregistered exchanges like Bitget and OKX to operate, we expose millions of Filipinos to significant financial risks every day. The time to act is now.โ
Terry Ridon, Infrawatch
โThe SEC must enforce the law with the same resolve it demonstrated in the Binance case to ensure the protection of Filipino investors and uphold the integrity of our financial system.โ
Terry Ridon, Infrawatch
This is a developing story: Breaking News: Infrawatch Presses SEC to Shut Down Bitget, OKX for Illegal Crypto Ops in the Philippines
What else is happening in Crypto Philippines and beyond?
I guess all overseas exchanges will fall one by one if Terry Ridon stays in power. Feeling ko laki rin ang incentive niya para gawin ito
Hi Infrawatch, try nyo po ipa ban ang Coinbase sa Philippines, this will prove na totoo kayo sa mission nyo.