Local Crypto Exchanges See Surge in One-Star Reviews After SEC Blocks Foreign Exchanges
Filipino crypto traders hit Coins.ph and PDAX with one-star Google Play reviews after the SEC blocked access to 10 unregistered foreign exchanges.
Filipino crypto traders hit Coins.ph and PDAX with one-star Google Play reviews after the SEC blocked access to 10 unregistered foreign exchanges.
Filipino traders face financial disruption as sudden SEC-backed blocks lock users out of crypto platforms without warning, Atty. Padilla said in a recent webcast.
Attempts to open these platforms now return server errors, as verified by BitPinas on August 7, 2025 at around 5:00 am.
The development comes not even one day after the SEC released an investor advisory warning the public against engaging with ten unregistered platforms operating without proper licenses under the agency’s new Crypto Asset Service Provider (CASP) Rules.
SEC says these crypto exchanges are actively targeting Filipino users without the necessary licenses and exposing investors to significant risk.
The SEC issued a warning as deepfake videos of Lance Gokongwei are being used to promote fraudulent crypto schemes.
All CASPs and associated service providers are now required to comply fully with the new rules. The SEC also urged the public to report unregistered crypto activities to the Commission.
Francis Lim also pledged to give local corporations to access global funding indices and developing a roadmap for alternative investment products like options, futures, and commodity derivatives.
From crypto-focused financial advisors, to airdrops, to NFTs, to DeFi, and even to staking: What is the stand of SEC’s CASP rules?
The FATF says the Philippines improved crypto regulation but still fails to close major gaps in DeFi, stablecoins, and unlicensed offshore exchanges.