PLDT, Smart block unregistered crypto exchanges

​PLDT Inc. (PLDT) and its wireless unit, Smart Communications, Inc. (Smart) has blocked access to ten unregistered crypto exchanges after the Securities and Exchange Commission (SEC) flagged the platforms for operating without the necessary licenses.

​A cryptocurrency, or crypto, is a purely digital asset used mainly for online transactions. Unlike traditional currency issued and regulated by a government through a central bank, crypto exists only online and isn't backed by any government or bank. People can buy, sell, or exchange crypto using websites or apps called crypto exchanges, which work a lot like stock markets.
 
“We work closely with government regulators to protect Filipinos from potential threats,” said Roby Alampay, FVP and Group Head of Public Engagement at PLDT and Smart. “Upon receipt of the order from the National Telecommunications Commission (NTC), we restricted access to the identified websites. These web addresses are no longer accessible on our network.”
 
Earlier in August, the SEC released an advisory warning the public against investing in the following exchanges – OKX, Bybit, Mexc, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex, and Kraken. The Commission flagged these entities for failing to register with the regulator as mandated under SEC Memorandum Circular No. 4, Series of 2025 (SEC CASP Rules), and SEC Memorandum Circular No. 5, Series of 2025 (SEC CASP Guidelines.
 
“Their actions are unauthorized and expose Filipino investors to significant risk, including total loss of funds, no legal recourse and exposure to fraud, market manipulation, and identity theft,” the advisory read. The SEC further warned that unregistered crypto-asset platforms “may be exploited for money laundering and terrorist financing.”
 
PLDT and Smart continuously invest in their cybersecurity infrastructure to provide customers with a secure online experience, keeping them safe from fraud and scams. In the first half of the year, the Cyber Security Operations Group has prevented more than a hundred billion attempts to open malicious domains.
 
The PLDT Group also recognizes the value of working with like-minded allies in protecting the public against online threats. This whole-of-nation approach to cybersecurity ensures PLDT and Smart deliver safe and meaningful connections so customers can live a fuller life.