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 in the Paragraph 2.2 na kailangang merong physical office ay talagang malabong mangyari. I don't know know if merong physical offices yang mga exchanges na yan rito sa atin pero sa pagkakaalam ko wala naman.
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 na semi shilled nila, sumatotal boycott naman talaga kasi walang gaanong gumagamit diyan.
I think ginagawa lang nila iyan talaga for the public na mawala ang isipin na mayroon silang kinikilingan, pero ang totoo meron talaga, ito ang problema sa pinas ang monopoly, nagsasabwatan lahat, tulad nga ng post ne CZ dati biblock daw ng isang local exchange ang pagbigay ng license sa binance, which is malaking company or exchange si binance, impossible na di nila kayang magcomply, tingin ko pinahirapan nila ng todo, at kung anu anu hiningi para lang di macomply, samantalang iyong lokal ang laki ng issue sa fee's at kung anu anu pa di nila mapagsabihan, need pa ng report which is obvious na alam nila, sasabihin nyan, BSP dapat tapos magtuturuan nalang sila, kaya wala tlga ako balak gumamit ng lokal mabulok na sa non custodial, ahaha, diko ilalagay sa kanila