Following the collapse of FTX, the Philippine government warned investors in the country against using unlicensed cryptocurrency exchanges.
The Philippine Securities and Exchange Commission (SEC) has issued a warning to the public against using unregistered cryptocurrency exchanges operating in the country. In the warning, the SEC did not directly mention FTX, but said the warning takes into account “the recent collapse of a major international cryptocurrency exchange.”
Citing the country’s laws, the government reiterated that all entities intending to do business in the country must register with the SEC.
