The Philippines Cuts Off Access to Ten Overseas Cryptocurrency Exchanges

BlockBeats News, August 6th, according to Decrypt's report, the Philippine Securities and Exchange Commission (SEC) took action today by instructing major internet service providers to block access to ten overseas cryptocurrency exchanges, including OKX, MEXC, Bybit, KuCoin, Bitget, Kraken, CoinEx, Phemex, BitMart, and Poloniex.

Prior to this, the Philippine regulatory body warned that cryptocurrency platforms were violating local regulations by providing services to Philippine residents without obtaining a license and registration. According to a new regulation that took effect in June of this year, cryptocurrency service providers must register as local companies in the Philippines and hold a minimum paid-up capital of at least $1.8 billion.