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Global cryptocurrency exchange Bybit has halted new user registrations originating from the Philippines, a development that follows a regulatory crackdown by the Securities and Exchange Commission (SEC).
Bybit Stops New Registration
Prospective users attempting to create an account from the Philippines via the Bybit app are now met with an error message stating, “Your IP address is from one of Bybit’s restricted regions.”
Furthermore, the platform’s registration portal no longer accepts Philippine mobile numbers (+63) for new account creation, a restriction that remains even when the site is accessed via a VPN.
SEC Advisory and Website Blocks
The move by the exchange follows months of escalating regulatory action from the SEC. In August 2025, the SEC issued a public advisory against Bybit and nine other unlicensed global exchanges.
The commission stated these platforms were operating as Virtual Asset Service Providers (VASPs) without the necessary license. Following the advisory, the SEC formally requested the National Telecommunications Commission (NTC) to block access to the websites of these non-compliant exchanges, a directive that major internet providers in the country have since implemented.
The CASP Framework
The SEC’s enforcement is grounded in its Rules on Crypto-Asset Service Providers (CASPs), also known as SEC Memorandum Circular No. 4, Series of 2025.
This framework mandates that any entity providing crypto services to Filipinos or operating in the country must register as a domestic corporation and secure a CASP license from the SEC. Key provisions of the rules include:
- A minimum paid-up capital of ₱100 million.
- The establishment of a physical office in the Philippines.
- Strict compliance with investor protection rules, including the segregation of client assets from the company’s own funds.
The SEC has repeatedly warned the public to “stop investing in” and “not to invest in” platforms that are not registered with the commission.
This article is published on BitPinas: Bybit Halts New User Registrations in the Philippines
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