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Public policy group Infrawatch PH is pressing the Philippines SEC to investigate unregistered crypto exchanges Bitget and OKX, alleging they are violating financial regulations and putting Filipino investors at risk.
Bitget and OKX Accused of Violating VASP Regulations
Group convenor Terry Ridon said the exchanges violated Philippine restrictions on VASPs by holding promotional events at conferences and colleges under the pretext of educational blockchain initiatives, and he cautioned Filipino investors of potential risks.
According to Infrawatch PH, both platforms enable P2P crypto transactions, which are in violation of Philippine financial rules and, due to the lack of oversight, provide the potential for money laundering and other illicit activity.
Bitget's Use of GCash Raises Regulatory Concerns
Regarding Bitget, according to Infrawatch:
“Bitget has enabled Filipinos to purchase Bitget tokens (BGB) using popular payment platforms such as GCash and local bank transfers, which clearly indicates its unauthorized presence in the Philippine financial system.
The use of GCash for crypto transactions through an unregistered platform opens millions of Filipinos to significant risks without the protection of Philippine financial regulations.”
Aggressive Marketing and University Promotions by Bitget and OKX
Bitget and OKX have allegedly launched aggressive marketing activities in the Philippines, which include cryptocurrency giveaways and monetary awards, as reported by Infrawatch. Promo events posing as instructional blockchain initiatives have also been staged at universities.
“We reiterate our position that irrespective of the supposed education agenda of these activities, the ultimate objective of presenting or sponsoring these activities is to promote broader OKX adoption among Filipino university students.
This would have been well and good, if only OKX were a registered and licensed cryptocurrency exchange.”
OKX Faces Scrutiny for Operating Without VASP License
Watch infrastructure on OKX:
“Similarly, OKX offers cryptocurrency purchase options through BSP-regulated banks and e-wallets such as GCash, Bank of the Philippine Islands, UnionBank, and PayMaya, but it lacks the necessary VASP license to operate legally in the country.”
Now, Infrawatch PH is demanding that the SEC investigate Bitget and OKX's activities without delay.
Infrawatch Pushes for Strict SEC Enforcement
The group further stated, as reported by BitPinas, that the government should issue stop-and-desist orders and punish regulatory infractions to the fullest extent possible. Lastly, they want the SEC to continue the stringent enforcement demonstrated in the Binance case so that Filipino investors are protected.
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