The Philippine SEC government has <a href="https://www.sec.gov.ph/advisories-2022/unregistered-cryptocurrency-exchanges/" target="_blank" rel="nofollow noopener">issued</a> a warning to domestic investors against utilizing unregistered crypto exchanges during the peak of the <a href="https://www.cryptoknowmics.com/news/auros-strike-by-ftx-crash-announces-provisional-liquidation">FTX crash</a>.
<h2>Philippine SEC Warning Against Crypto Exchanges</h2>
The <a href="https://www.cryptoknowmics.com/news/sec-identifies-ftx-exchanges-ftt-token-as-a-security">Securities and Exchanges Commission (SEC)</a> of the Philippines has issued a warning to the general public, cautioning them against utilizing <a href="https://www.cryptoknowmics.com/news/6-crypto-exchanges-ordered-to-share-client-data-in-10-7m-fraud-case">cryptocurrency exchanges</a> functioning inside the nation without being regulated. The SEC stated the recent failure of "a significant global cryptocurrency exchange" but did not specifically identify the FTX exchange in the notice.

The government agency while reiterating that Philippine SEC registration is necessary for any organization planning to conduct business in the nation cited local legislation as justification. They penned that the SEC is the registrant and regulator of the Philippine financial industry; it keeps an eye on more than 600,000 active firms and assesses the financial statements (FS) submitted by all corporations enrolled with it.
<h2>Employment of Internet and Social Media</h2>
The SEC claims that some exchanges are using internet and social media ads to draw in Filipino investors. Additionally, the government body emphasized that the exchanges now "illegally permit" Filipinos to browse their platforms and facilitate opening accounts online. According to the Philippine SEC, these exchanges sell various goods and strategies which are high-risk and occasionally fraudulent.
<h2>Similar Step by Banko Sentral ng Pilipinas</h2>
The Banko Sentral ng Pilipinas (BSP), the nation's central bank, issued an identical caution to local investors on August 19. The BSP warned Filipinos to avoid utilizing foreign virtual asset network operators that are headquartered outside as they are not authorized locally and are not regulated. The c<a href="https://www.cryptoknowmics.com/news/central-bank-of-russia-cbr-studies-role-of-crypto-in-financial-sector">entral bank</a> claims that when working with such enterprises, it would be challenging to implement consumer protection regulations and legal remedies.

Philippine SEC Warns Against Illegal Crypto Exchanges Amid FTX Fall

The Philippine SEC government issued a warning to domestic investors against utilizing unregistered crypto exchanges during the peak of the FTX crash.

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Philippine SEC Warns Against Illegal Crypto Exchanges Amid FTX Fall

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