Philippines Asks Users Not to Use Unregistered Crypto Platforms

The Philippine authorities have urged local investors not to use the services of unlicensed cryptocurrency exchanges to avoid risks.

The Securities and Exchange Commission of the country has emphasized that the state will not be able to protect users of such trading platforms because their activities are not regulated by supervisory authorities.

Any company that serves citizens and businesses in the Philippines must register with a special registry and comply with anti-money laundering laws. The regulator has also reminded about the risks of investing in digital currencies.

despite the requirement to register in the Philippines, many platforms continue to serve citizens of this country without a proper license.