The SEC MEMORANDUM CIRCULAR NO. 4 & 5 was dated June this year and the effectivity for CASP Rules and Guidelines including CEXs was July 5, 2025. They tagged these international exchanges ngayong August4  lang then by August 6 blocked na sila.

If you'll read the SEC Memorandum Circular No.5 ang daming kailangan which is in short amount of time hindi talaga makakapag comply itong international exchanges compare sa lokal lang. Even just lang sa Paragraph 2.2 na kailangang merong physical office at talagang malabong mangyari. I don't know if merong physical offices yang mga exchanges rito sa atin pero sa pagkakaalam ko wala.

Too many things to comply in short amount of time at yung SEC they can act motu proprio (on their own initiative) kung international ang pag uusapan and I don't think they have bilateral consultation with these companies. I think SEC just doesn't want the blame and I think the best way to do it was to really boycott local exchanges, sumatotal boycott naman talaga kasi walang gaanong gumagamit diyan.