• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01

    Yuga Labs Launches A New NFT Collection on Bitcoin Network

    2023-02-28
  • Metaverse

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13

    South Korea Launches New ‘Metaverse Fund’

    2023-03-13
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Belgium to introduce new crypto ad regulation

    2023-03-21

    Taiwan orders financial watchdog to take over crypto regulations

    2023-03-20

    Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

    2023-03-20

    Florida Governor Ron DeSantis seeks to ban US CBDC in state

    2023-03-20

    Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto

    2023-03-20
  • Learn

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15

    What is it & List of Top defi 2.0 Projects

    2023-03-13

    Centralized (CEX) vs Decentralized (DEX) Cryptocurrency Exchanges

    2023-03-06
  • Market Cap
CryptoNewsMetaverse
Home»Regulation»Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse
Regulation

Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse

2022-12-27No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

After the height of the FTX collapse, the Philippine government warned investors within the country about using unlicensed crypto exchanges. 

The Securities and Exchanges Commission (SEC) in the Philippines issued an advisory to the public against using unregistered cryptocurrency exchanges that are operating within the country. Within the warning, the SEC did not directly mention the FTX exchange but said that the warning considers “the recent collapse of a large international cryptocurrency exchange.”

Citing the laws within the country, the government agency reiterated that any entity intending to conduct business within the country is required to register with the SEC. They wrote:

“SEC is the registrar and overseer of the Philippine corporate sector; it supervises more than 600,000 active corporations and evaluates the financial statements (FS) filed by all corporations registered with it.”

According to the SEC, a number of exchanges are targeting Filipino investors through advertisements online and through social media. The government agency also highlighted that the exchanges are currently “unlawfully allowing” Filipinos to access their platforms and enable the creation of accounts online. The SEC wrote that these exchanges “offer different products and schemes which are high-risk and sometimes fraudulent.”

Related: Philippines to explore blockchain use cases, launches training program

On Aug 4, the SEC singled out the Binance crypto exchange and warned local investors to not use the crypto trading platform. According to the SEC, the exchange is not licensed to solicit investments. Despite this, the exchange remained positive that they will be able to penetrate the country.

On Aug. 19, the Banko Sentral ng Pilipinas (BSP), the country’s central bank, issued a similar warning to local investors. The BSP urged Filipino citizens to refrain from using foreign virtual asset service providers that are not registered locally and are based abroad. According to the central bank, it would be difficult to enforce any consumer protection mechanisms and legal recourse when dealing with such businesses.

Source link

Collapse Crypto Exchanges FTX Philippine SEC unlicensed warns
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Belgium to introduce new crypto ad regulation

2023-03-21

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20

Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

2023-03-20

Florida Governor Ron DeSantis seeks to ban US CBDC in state

2023-03-20
Add A Comment

Leave A Reply Cancel Reply

Top Posts

El Salvador’s Bitcoin Bond Could Go Live Between March 15-20

2022-03-11

NFT avatar startup Genies valued at $1B following Series C funding round

2022-04-12

Cosmos EUR stablecoin project to unwind after 2 years

2023-01-11

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Belgium to introduce new crypto ad regulation

2023-03-21

Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,170.000.05%
  • ethereumEthereum(ETH)$1,814.662.22%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.010.34%
  • binancecoinBNB(BNB)$338.20-0.30%
  • usd-coinUSD Coin(USDC)$1.010.32%
  • rippleXRP(XRP)$0.42818211.77%
  • cardanoCardano(ADA)$0.3521912.90%
  • Lido Staked EtherLido Staked Ether(STETH)$1,816.762.46%
  • matic-networkPolygon(MATIC)$1.150.67%