In 2025, Filipino crypto users are navigating one of the stormiest regulatory seasons yet. The BSP has frozen new VASP licences—like a lighthouse turning off its beam to stop unvetted ships from entering the harbor—while the SEC quietly delisted two popular crypto apps just last week, reminding everyone that even “big boats” can be pulled from the water overnight.

And because more Filipinos now treat their digital assets with the same care they give their savings account, choosing a legal, fully verified exchange has never been more critical. One wrong tap on an unlicensed app can wipe out months—or years—of disciplined ipon.

If you’re about to cash in or sail your hard-earned pesos across the digital ocean, you need to know one thing: is your crypto exchange seaworthy, or are you boarding a vessel with no captain and no compass?

This guide equips you with a live green-list of legal exchanges, a 30-second licence checker, a red-flag poster, and a step-by-step reporting map in case you discover that your platform is navigating outside Philippine law.

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Crypto in the Philippines is growing fast—but so are scams. As of mid-2025, Filipinos have lost an estimated ₱1.2 billion to fake crypto trading apps, “guaranteed return” investment schemes, and unlicensed platforms disguised as legitimate exchanges.

Think of licences like seatbelts: they don’t remove all risk, but they protect you when the road turns bumpy. When a platform is licensed:

• You get regulatory oversight
  
  
• You gain access to dispute channels
  
  
• You’re less likely to face a sudden shutdown or asset freeze
  
  

When a platform is unlicensed, you’re essentially handing pesos to a stranger behind a dark window.

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Updated BSP-Licensed VASPs (as of May 15, 2025)

* “Active” means the firm remains on the BSP’s public VASP register as of May 15, 2025. “Inactive / not yet operational” means they hold a license but have not publicly launched crypto-VA services (or have paused operations).

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Unlike VASPs (which handle custody & conversion), CASPs focus on trading, order books, ICOs, and related services. A platform can be BSP-licensed, SEC-registered, or both.

SEC-Registered CASPs – 2025

Step 1 — Check the BSP VASP List

Go to the BSP website’s “VASP List” and search the company’s legal name, not the app name.
Screenshot Placeholder: BSP VASP Directory

Step 2 — Check SEC’s CASP Portal

Search for the exchange under Crypto Asset Service Provider (CASP) registrations.
Screenshot Placeholder: SEC CASP Portal

Step 3 — Cross-Check on the VASP Public Register

Some VASPs appear in the official register even before app launch.
Screenshot Placeholder: Public Register Checker

If you can’t find the company on any of the three—stop. Do not deposit.

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Before sending pesos, watch for these:

1. “Guaranteed 200% returns” — No legal platform guarantees profits.
   
   
2. No CEO name, no physical address — Transparency is required by PH regulators.
   
   
3. Only Telegram or FB Messenger support — Real exchanges have helpdesks.
   
   
4. Cash-in only via personal GCash numbers — Not corporate accounts.
   
   
5. App removed from Google Play but still sending links — Often malware.
   
   
6. Pressure tactics (“Deposit in 10 minutes or the promo expires”) — Classic scam play.
   
   
7. No Terms & Conditions or Privacy Policy — Instant red flag.
   
   

If an app looks shiny but hides its paperwork, think of it like a pawnshop with tinted glass—you don’t hand your gold to someone you can’t see.

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When the SEC delists or flags an app, the shutdown isn’t always instant. Here’s what to do:

1. Check the Withdrawal Deadline

Regulators often give users 7–30 days to withdraw assets.

2. Convert to Stablecoins or Pesos

Some platforms disable crypto deposits first but allow withdrawals.

3. Document Everything

Screenshots of:

• Balances
  
  
• Pending withdrawals
  
  
• Tickets submitted
  
  

4. Look for Escrow or Return-of-Funds Instructions

Certain exchanges place remaining assets in a custodial escrow.

5. Move to a Legal Platform

Switch to a BSP-licensed VASP or SEC-registered CASP (see Green-List above).

Step-by-Step: Reporting an Illegal Crypto App

1. Report to the SEC (eZICS)

Go to eZICS, the SEC’s fraud-reporting portal.
Submit:

• App name
  
  
• Screenshots
  
  
• Transactions
  
  
• Links to website or Telegram GC
  
  

2. Report to BSP Consumer Protection

Email consumerassistance@bsp.gov.ph with:

• Your complaint
  
  
• Company name
  
  
• Your proof of deposit
  
  
• Screenshots of chats, GCash receipts, emails
  
  

3. Inform Your Bank or Wallet

Banks may freeze further transfers to the scammer’s account.

4. Warn Others

Post or share so others will be made aware.

What Happens If You Use an Unlicensed Exchange?

Using an unlicensed platform means you’re outside the protection grid:

• Funds may be seized during criminal investigation
  
  
• No PDIC protection (cryptocurrency is not a deposit product)
  
  
• You may lose access overnight if the platform disappears
  
  

Real Case Study (2025)

In Q2 2025, authorities seized assets from a popular PH-targeted exchange that operated without a BSP license. Thousands of users woke up to frozen accounts, with no timeline for recovery. Many left with nothing.

PDIC Disclaimer:
Crypto holdings, tokens, and stablecoins are not insured by PDIC. Losses due to hacks, fraud, or platform failure are not covered.

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The Philippine crypto landscape in 2025 demands sharper awareness and stricter due diligence. With the BSP freezing new VASP licences and the SEC actively delisting non-compliant apps, users must rely on verified information—not hype—to protect their funds. Always check the BSP and SEC green-lists, watch for red flags, and follow the 30-second licence verification steps before sending any peso to an exchange.

If your platform is delisted or flagged, act quickly: document your account, withdraw what you can, and report the app to regulators. Your money deserves the same protection as your data—secure, transparent, and compliant.

Finmerkado helps Filipino users stay financially safe and informed with updated guides, verified resources, and consumer-first content. Stay vigilant, stay educated, and stay on the right side of every financial decision.

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