According to Cointelegraph, the SEC in the Philippines has warned the public against using any operating unregistered bitcoin exchanges.
According to Cointelegraph, the Philippine government has warned investors in the nation about unregulated cryptocurrency exchanges.
The Philippines’ Securities and Exchange Commission (SEC) has warned the public not to use any operating unregistered cryptocurrency exchanges, according to Cointelegraph. The SEC is thought to have warned about “the recent collapse of a significant international cryptocurrency exchange” without specifically mentioning the FTX exchange.
More than 600,000 active corporations are under SEC’s supervision and it reviews the financial statements (FS) submitted by all firms registered with it. SEC is the registrant and supervisor of the Philippine corporate sector, according to SEC.
According to information provided by Cointelegraph, the SEC said that some exchanges target Filipino investors through internet and social media advertising. The government agency also stated that the exchanges are now “illegally permitting” Filipinos to use their platforms and guarantee the formation of online accounts. The exchanges “provide diverse goods and schemes which are high-risk and occasionally fraudulent,” the SEC reportedly said.
Additionally, according to Cointelegraph, the SEC cautioned local investors not to use the Binance cryptocurrency exchange on August 4, 2022. The Banko Sentral ng Pilipinas (BSP), the nation’s central bank, issued a similar caution to local investors on August 19, 2022. According to reports, the BSP reportedly asked Filipino nationals not to employ foreign virtual asset service providers that are headquartered outside and don’t have a local registration.
