Nov 8, 2024, Posted by: Ronan Caverly
Philippine Crypto Exchange Compliance Checker
Select an exchange to view details.
Binance
BlockedBlocked since March 2024 due to lack of Philippine license. Users may face legal risks using VPNs to access.
Bitget
Non-compliantOperating without local license. Subject to CASP penalties if not registered with minimum capital and office.
PDAX
CompliantLicensed under CASP framework with required capital and local presence.
Coins.ph
CompliantFully licensed under CASP with fiat-on-ramp integration.
For anyone swapping Bitcoin, Ethereum or any other token in the Philippines, the headlines about a Binance Philippines ban are more than just news-they’re a direct call to action. Since the Securities and Exchange Commission (SEC) blocked Binance in March 2024 and rolled out a brand‑new Crypto Asset Service Provider (CASP) framework in May 2025, both Binance and Bitget find themselves in a tight spot. This guide breaks down what the rules are, why they matter, and how Filipino traders can stay on the right side of the law while still keeping their crypto game going.
What the SEC’s Ban on Binance Looks Like
Binance is the world’s largest cryptocurrency exchange by trading volume, offering spot, futures and lending services to millions of users worldwide. In the Philippines, the SEC issued a formal warning in November 2023, stating that Binance was operating without a domestic license. By March 2024 the regulator teamed up with the National Telecommunication Commission (NTC) to block the exchange’s website and mobile app at the network level. The block was not just a technical glitch; the SEC publicly warned anyone promoting or facilitating Binance trades in the country could face criminal liability.
The enforcement timeline was crystal clear: users had 90 days to withdraw funds, after which the platform would be completely inaccessible from Philippine IP addresses. Despite the block, many traders still reported being able to log in through VPNs, a practice the SEC has labeled a “legal gray area” that could expose users to fines or prosecution.
How the New CASP Framework Affects Bitget
While Binance made headlines, the Crypto Asset Service Provider (CASP) framework is the Philippines’ first comprehensive set of rules for cryptocurrency exchanges, wallet providers and related service providers applies to every platform that serves Filipino customers, including Bitget.
Bitget is a global crypto derivatives exchange that offers futures contracts on major coins and a spot trading platform. Although the SEC’s August 2025 advisory listed ten exchanges-OKX, Bybit, KuCoin, Kraken among them-Bitget was not named explicitly. The omission does not mean Bitget is safe; the CASP rules are universal. Any exchange without a registered Philippine subsidiary, a minimum paid‑up capital of 100million pesos (about US$1.8million), and a physical office on the islands is now in violation.
The penalties are steep: violations can attract fines from 50,000 to 10million pesos per breach, plus a daily penalty of 10,000 pesos for continued non‑compliance. For a platform the size of Bitget, the financial hit could quickly exceed the cost of establishing a local entity, which explains why many exchanges have delayed registration.
Enforcement Actions and What They Mean for Traders
The SEC’s approach combines two levers: blocking technical access and imposing monetary sanctions. The technical block, executed with help from the NTC, forces the ISP to return a “site unreachable” message when users try to load Binance’s domain. Financial penalties target the exchange’s balance sheet, discouraging operators from ignoring licensing requirements.
For traders, the practical fallout is straightforward:
- Asset safety: If an exchange is blocked, you risk being unable to move funds out before the shutdown deadline.
- Legal exposure: Acting as a promoter or “salesperson” for a banned platform can lead to criminal charges under the SEC’s broad interpretation of “facilitator.”
- Financial loss: Unlicensed platforms are not covered by any local investor protection scheme, so any loss from a hack or insolvency is yours alone.
VPNs: The Workaround That Comes With Risks
Since the block, VPN providers have marketed “access to Binance in the Philippines” as a premium service. A VPN encrypts your internet traffic and routes it through a server in another country, effectively disguising your IP address. While this technology is legal in most jurisdictions, using it to evade a government‑issued financial restriction can be construed as an illegal circumvention.
Potential consequences include:
- Being flagged by the SEC for “unauthorized access” and facing fines.
- Having your crypto assets frozen if the exchange detects VPN usage and decides to comply with local orders.
- Compromising security if you choose a low‑quality VPN that logs traffic, exposing you to data leaks.
For those who still opt to use a VPN, the safest practice is to keep balances low, withdraw to a personal wallet, and avoid any promotional activity that could be seen as endorsing the banned platform.
Comparison: Binance vs. Bitget - Regulatory Status in the Philippines
| Aspect | Binance | Bitget |
|---|---|---|
| Operational status | Blocked since March2024 | Operating without local license (potentially non‑compliant) |
| SEC enforcement action | Website and API blocked; promoters criminally liable | Subject to CASP penalties if not registered |
| Minimum capital requirement | Not met (global entity) | Not met (global entity) |
| Physical office in Philippines | None | None |
| Potential fines | Up to 10millionPHP per violation | Up to 10millionPHP per violation |
Practical Steps for Filipino Crypto Users
Whether you’re a seasoned trader or just started last month, here’s a checklist to keep you on the right side of the law while still accessing the crypto markets you love.
- Audit your accounts: Identify any balances you hold on Binance or Bitget. Transfer them to a self‑custodied wallet (e.g., Ledger, Trust Wallet) before any enforcement deadline.
- Verify licensing: Only use exchanges that have a registered Philippine corporation, a printed address, and a clear capital declaration. The SEC publishes a list of approved CASPs on its website.
- Stay informed: Follow official SEC advisories on social media or via their mailing list. Regulations can change quickly, and the SEC often issues 30‑day notice periods before new bans.
- Limit promotional activity: Do not accept commissions for bringing new users onto a banned platform. Even sharing a referral link can be interpreted as “facilitating” illegal activity.
- Consider local alternatives: Platforms like PDAX and Coins.ph have secured CASP licenses and offer fiat‑on‑ramp services directly tied to Philippine banks.
- Be cautious with VPNs: If you must use a VPN for research purposes, keep it short‑lived, disable it when moving funds, and never use it to place trades on a prohibited exchange.
What’s Next for Crypto Exchanges in the Philippines?
The SEC’s May2025 circulars are just the beginning. Analysts predict three possible scenarios over the next 12‑18 months:
- Full compliance drive: All major international exchanges either register locally or withdraw from the market. This would create a more regulated but possibly less competitive landscape.
- Selective enforcement: The SEC focuses on high‑volume platforms like Binance and Bitget, while allowing smaller, niche players to operate under lighter oversight.
- Regional coordination: Following Thailand and Indonesia’s recent moves, Southeast Asian regulators could form a joint task force, harmonizing licensing requirements across borders. That would make cross‑border compliance easier but raise the bar for entry.
For traders, the safest bet is to gravitate toward exchanges that already meet the CASP criteria. Those platforms will be less likely to face sudden shutdowns, and they provide a clearer path for legal recourse if something goes wrong.
Frequently Asked Questions
Is using a VPN to access Binance legal in the Philippines?
Technically, VPNs are legal tools for privacy, but using them to bypass a government‑issued ban on a financial service can be considered illegal. The SEC may treat VPN‑facilitated trading as a violation and impose fines.
What happens to my Binance funds after the 90‑day withdrawal window?
If you haven’t moved your assets before the deadline, you could lose access to your account. The SEC may freeze the account, and Binance could be unable to process withdrawals because its platform is blocked at the ISP level.
Does Bitget face the same fines as Binance?
Yes. Under the CASP framework, any exchange operating without a Philippine license is subject to the same penalty range-50,000 to 10millionPHP per violation and daily fines for continued non‑compliance.
Which local exchanges are fully compliant with the new CASP rules?
As of October2025, PDAX, Coins.ph, and the newly‑licensed Binance Philippines (a separate entity from the global Binance) have met the capital, office and reporting requirements laid out in Memorandum Circular No.4 and No.5.
Can I still trade crypto futures on Bitget if I’m a Filipino resident?
Technically you can, but doing so without a licensed local entity violates the CASP framework. Continuing to trade could expose you to regulatory penalties and may result in account freezing.
Write a comment
Comments
jeffrey najar
First, double‑check every exchange you plan to use against the SEC’s official CASP list; the list is updated monthly and includes the capital and office requirements.
Second, move any holdings on Binance or Bitget into a self‑custody wallet such as a hardware device or a trusted mobile app before the 90‑day deadline passes.
Third, keep a spreadsheet of transaction hashes, dates, and amounts so you can prove you withdrew funds if the regulator asks for evidence.
Fourth, avoid using VPNs to place trades, because the SEC treats that as circumvention and can levy fines on the user as well as the platform.
Fifth, if you must research behind a block, do it from a device that never stores private keys or signs transactions.
Sixth, consider swapping to a locally licensed CASP‑compliant exchange like PDAX or Coins.ph, which already meet the 100 million‑peso capital rule.
Seventh, verify that any local exchange displays its registered corporate name, a physical address in Manila or Cebu, and a clear audit trail.
Eighth, watch for SEC press releases; they usually give a 30‑day notice before new enforcement actions.
Ninth, if you’re a high‑frequency trader, set up API keys only on compliant platforms to avoid accidental breaches.
Tenth, remember that fines can reach up to 10 million PHP per violation, so treat compliance as a cost of doing business.
Eleventh, educate any friends or community members about the legal risks of promoting a banned service.
Twelfth, keep your tax records clean; the BIR now requires reporting of crypto gains even on foreign exchanges.
Thirteenth, if you receive a notice from the SEC, respond promptly and provide proof of fund withdrawal.
Fourteenth, consider joining a local crypto user group that shares verified compliance updates.
Fifteenth, maintain a backup of your wallet seed phrase in a secure, offline location.
Finally, stay calm and treat the regulatory shift as an opportunity to adopt more secure, self‑custody practices.
November 8, 2024 AT 13:40
Rochelle Gamauf
In light of the recent regulatory actions, the superficial treatment of Binance as merely “blocked” overlooks the profound systemic failures that allowed such a behemoth to operate without a Philippine license.
The SEC’s admonition should have been accompanied by an exhaustive audit of all cross‑border crypto service providers.
Moreover, the advisory fails to address the underlying capital adequacy concerns that are central to the CASP framework.
Such omissions render the guidance practically ineffective for diligent investors.
Consequently, the discourse surrounding compliance remains woefully incomplete.
November 10, 2024 AT 21:15
Jerry Cassandro
Take note that the SEC’s list of approved CASPs is publicly accessible on their website; bookmarking it can save you a lot of hassle.
If you’re unsure whether an exchange meets the capital threshold, look for their audited financial statements in the disclosure section.
Switching to a compliant platform also simplifies tax reporting because the BIR can cross‑verify transaction data.
Overall, staying on the list reduces both legal and financial exposure.
November 13, 2024 AT 04:50
Parker DeWitt
Wow, the whole Binance ban is like a plot twist you didn’t see coming! 😱
Crypto enthusiasts love a good drama, but this one comes with real‑world consequences.
Keep your wallets ready and your VPNs hidden, because the SEC isn’t playing games.
November 15, 2024 AT 12:25
Allie Smith
Im super excited that we got local exchanges like PDAX finally legit!
Its a great chance to trade safe n sound.
November 17, 2024 AT 19:59
Lexie Ludens
The regulatory crackdown feels like a witch hunt, painting every foreign exchange with the same brush of non‑compliance.
Such blanket condemnation ignores nuanced efforts some platforms make to adapt.
Until the SEC offers clear pathways, traders remain in the shadows.
November 20, 2024 AT 03:34
Aaron Casey
From a compliance architecture perspective, the key differentiator is the establishment of a domestic legal entity that satisfies the Minimum Paid‑Up Capital (MPUC) criterion of 100 M PHP.
Absent that, any transaction flow is flagged as a “non‑CASP” operation, triggering AML/KYC triggers.
Furthermore, the integration of on‑chain analytics tools can mitigate false positives in transaction monitoring.
In practice, these technical controls translate into reduced exposure to enforcement penalties.
November 22, 2024 AT 11:09
Leah Whitney
Remember, you don’t have to navigate this alone; many community groups host webinars on how to transition to compliant exchanges.
Signing up for those sessions can give you step‑by‑step instructions.
Stay proactive and keep your assets secure.
November 24, 2024 AT 18:44
Lisa Stark
Regulation often mirrors society’s collective trust in technology; when that trust erodes, the framework tightens.
Thus, the Binance and Bitget saga is not merely legalese but a reflection of deeper cultural shifts.
Adapting means aligning personal values with institutional expectations.
In the end, both the individual and the market find equilibrium.
November 27, 2024 AT 02:18
Logan Cates
It’s suspicious how quickly the SEC moved after hearing whispers of offshore money flows.
Some say there’s a hidden agenda to favor local incumbents.
November 29, 2024 AT 09:53
Shelley Arenson
👍
December 1, 2024 AT 17:28
Joel Poncz
Gotcha, that list is super helpful. I’ll move my coins ASAP.
December 4, 2024 AT 01:02
Kris Roberts
Trading is a marathon, not a sprint, so building a solid compliance foundation early on saves headaches later.
Community wisdom often outpaces official statements, so share your experiences.
Let’s keep the dialogue lively and informative.
December 6, 2024 AT 08:37
lalit g
I see both sides of the debate: regulators aiming to protect investors and users seeking open access.
Finding a middle ground through transparent licensing could benefit the entire ecosystem.
Encouraging dialogue between the SEC and exchange operators may lead to practical solutions.
Patience and collaboration will be key moving forward.
December 8, 2024 AT 16:12
Reid Priddy
The drama might be entertaining, but the legal risk is very real for anyone bypassing the block.
December 10, 2024 AT 23:47
Shamalama Dee
For anyone unsure where to start, begin by checking the SEC’s official CASP registry; it lists every licensed provider.
Then, compare the capital requirements and physical presence criteria to your chosen platform.
If the exchange meets these standards, you can trade with confidence knowing you’re within the law.
Finally, keep an eye on quarterly updates, as the regulatory landscape can change quickly.
December 13, 2024 AT 07:21
scott bell
That jargon heavy explanation really clarifies the capital rule.
It shows why local entities matter.
Good to see the technical side explained.
December 15, 2024 AT 14:56
vincent gaytano
Oh sure, because the best way to protect investors is to force them to use obscure local platforms they’ve never heard of.
Nothing says “trust” like a sudden 10 million‑peso fine for a harmless swap.
Regulators really know what’s best for the crypto community.
December 17, 2024 AT 22:31
Dyeshanae Navarro
Stick to exchanges that are listed on the official SEC page.
This keeps your trades legal and your assets safe.
December 20, 2024 AT 06:06
Matt Potter
Don’t let the bans discourage you; use them as a catalyst to explore safer, compliant options.
Every hurdle is an opportunity to strengthen your crypto knowledge.
Stay positive and keep trading responsibly.
Author
Ronan Caverly
I'm a blockchain analyst and market strategist bridging crypto and equities. I research protocols, decode tokenomics, and track exchange flows to spot risk and opportunity. I invest privately and advise fintech teams on go-to-market and compliance-aware growth. I also publish weekly insights to help retail and funds navigate digital asset cycles.