SEC Issues Warning Against Unregistered Crypto Exchange HTX

The Philippine government has taken steps to protect investors in the cryptocurrency market by issuing an advisory against unregistered exchanges.

The Securities and Exchange Commission (SEC) has warned the public about investing in HTX, a cryptocurrency exchange that operates without registration and regulatory licenses. The SEC states that HTX allows users to open accounts, deposit funds, and trade digital assets and derivatives through its website and mobile applications, which is considered an unauthorized offering and selling of securities.

The advisory also targets individuals promoting HTX in the Philippines, who may face penalties under the Securities Regulation Code (SRC). These penalties include fines of up to PHP 5 million, imprisonment for a maximum of 21 years, or both. The SEC emphasizes that all local and foreign entities offering crypto-asset services must register with the Commission and obtain the necessary licenses before operating.