Philippine Regulator Warns Investors Against Unlicensed Crypto Exchanges

The Philippine Securities and Exchange Commission (SEC) has issued an advisory aimed at both retail and institutional investors.. The regulator opposed the use of cryptocurrency exchanges that have not received a license to operate in the country. SEC Publication Mentions Recent Default of 'Major International Crypto Exchange'. I mean FTX. The Philippine regulator recalled that, according to the laws in force in the country, any company wishing to do business in the country is required to register with the SEC. “The Securities and Exchange Commission is the Registrar and Comptroller of the Philippine Corporate Sector. The SEC currently oversees over 600,000 operating companies and reviews all of their financial records,” the statement said. The regulator noted that several crypto exchanges are already advertising their activities on the Internet and social networks, allowing citizens of the Philippines to register on their platforms.. The products and services of these exchanges, the regulator emphasizes, entail a number of risks, and sometimes scammers are hiding behind entrepreneurs. Earlier, the Philippine regulator said that it had received numerous complaints from investors in the Bitbankups crypto project that they were unable to return their investments.