The Securities and Exchange Commission of the Philippines (SEC) has issued a warning to crypto investors following the collapse of the global crypto exchange, FTX.
The SEC, in an advisory issued earlier this week, said that many cryptocurrency firms now “offer different products and schemes which are high risk and sometimes fraudulent”
“A number of unregistered cryptocurrency exchanges are deliberately targeting Filipino investors and borrowers through online advertisements in social media and unlawfully allowing Filipinos to access their online platforms and permit the enrollment, creation, or registration of client accounts through online means.
“SEC strongly warns and advises the public against transacting with unregistered and unlicensed cryptocurrency exchanges reachable and deemed operating in the Philippines,” it said.
The Commission also warned crypto firms in the country against trading without authorization.
“securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission,” it said.