In a significant regulatory move, Bybit, a global cryptocurrency exchange, has ceased all new user registrations from the Philippines. This decision comes in response to a crackdown by the Securities and Exchange Commission (SEC) on unlicensed crypto platforms operating within the country.
Prospective users trying to register through the Bybit app are now greeted with an error message indicating, “Your IP address is from one of Bybit”s restricted regions.” Additionally, attempts to create accounts using Philippine mobile numbers (+63) are blocked, even if users access the platform via a VPN.
This regulatory action follows a series of escalated measures from the SEC, which has been actively enforcing its new regulations concerning cryptocurrency operations. In August 2025, the SEC issued a public advisory against Bybit and nine other global exchanges that were identified as operating as Virtual Asset Service Providers (VASPs) without the requisite licenses. The advisory was part of a broader effort to enhance compliance and protect investors.
In light of these developments, the SEC formally requested the National Telecommunications Commission (NTC) to block access to the websites of non-compliant exchanges. Major internet service providers in the Philippines have since acted on this directive, effectively limiting access to these platforms.
The SEC”s actions are rooted in its Rules on Crypto-Asset Service Providers (CASPs), also known as SEC Memorandum Circular No. 4, Series of 2025. This framework requires any entity providing crypto services to Filipinos or operating within the country to register as a domestic corporation and obtain a CASP license from the SEC.
Key provisions of these regulations emphasize the need for registered platforms and include repeated warnings from the SEC urging the public to avoid investing in unregistered services.
As the regulatory landscape continues to evolve, the impact on the crypto market in the Philippines remains to be seen, with exchanges like Bybit adjusting operations in response to compliance mandates.
