The Securities and Exchange Commission of the Philippines (SEC PH) has identified five cryptocurrency exchanges—Blofin, CoinW, DigiFinex, LBank, and Pionex—for operating without proper registration. These platforms have been providing services to Filipino users, allowing them to register with local mobile numbers and accept payments in pesos, despite not being registered as Crypto Asset Service Providers (CASPs) under the country's regulatory framework. The SEC PH's announcement highlights the platforms' non-compliance with SEC Memorandums No. 4 and No. 5, Series of 2025, which mandate registration for entities offering crypto-related services. This move underscores the commission's efforts to enforce regulatory compliance and protect local investors in the rapidly growing cryptocurrency market.