The Philippines’ internet firms block top crypto exchanges
Members of the crypto community in the Philippines say local internet service providers have begun blocking access to several unlicensed cryptocurrency exchanges.
The move follows a warning issued Monday by the Securities and Exchange Commission (SEC), which flagged 10 exchanges, including OKX, Bybit, and Bitget, for operating without a license.
Several users report they can no longer access these exchanges’ websites, though mobile apps remain functional for now. However, previous enforcement history suggests that app access may also be restricted soon.
The SEC took similar action against Binance in early 2024, first requesting the National Telecommunications Commission to block the website in March, then urging Google and Apple to remove the platform’s apps from local app stores in April.
Despite the crackdown, crypto trading remains legal in the Philippines. Licensed platforms are still available, though some users complain they lack the range of tokens and competitive pricing offered by the now-blocked platforms.
India goes after Coinbase scammer’s hidden stash
India’s Enforcement Directorate (ED) has provisionally “attached” (frozen) assets worth 428 million rupees (about $5 million) belonging to convicted Coinbase Pro phishing scammer Chirag Tomar.
In India’s legal system, attachment refers to the restriction of asset transfers and use under the Prevention of Money Laundering Act. The provisional attachment can be held up to 180 days. India tagged Tomar’s 18 properties located in Delhi, along with funds held in several bank accounts.
He is currently serving a five-year prison sentence in the US after pleading guilty to wire fraud conspiracy. He and his associates ran spoofed websites mimicking Coinbase Pro and tricked users into handing over their login credentials. In some cases, victims were lured into calling fake customer support numbers and giving the scammers remote access to their devices.
The stolen funds were funneled into crypto wallets controlled by Tomar, and were later sold on peer-to-peer platforms, converted to Indian rupees and deposited into personal and family accounts.
The ED launched its probe based on reports of Tomar’s arrest in the US and found that search engine optimization was used to push the fraudulent Coinbase clone sites to the top of search results.
Though Tomar’s operation was busted in the US, phishing tactics that manipulate search engines continue to thrive. As recently as Aug. 7, a top-ranked site on Bing mimicking DappRadar was found to be a phishing site, according to Scam Sniffer.
Tokenize Xchange’s Singapore license botch leads to lawsuit
Seven cryptocurrency investors have reportedly filed a court application to place AmazingTech, the operator of Tokenize Xchange, under interim judicial management after being unable to withdraw more than 4 million Singapore dollars (approximately $3.1 million USD).
According to local media outlet The Straits Times, a separate law firm — Dauntless Law Chambers — is preparing a class action lawsuit involving over 100 investors who claim they are owed around 40 million Singapore dollars, with plans to sue founder Hong Qi Yu for fraud.
Tokenize Xchange suspended trading after a regulatory crackdown that forced unlicensed crypto exchanges to cease operations in Singapore. In July, the platform announced it would shut down and relocate to the United Arab Emirates after the Monetary Authority of Singapore (MAS) denied its application for a crypto license.
At the time, the reasons for the license denial were unclear. However, on Aug. 1, MAS said it found indications that Tokenize failed to segregate customer assets from corporate funds and may have misrepresented this in its license application. The central bank also revealed that Hong was charged on July 31 with fraudulent trading, an offense that carries a sentence of up to seven years in prison.
MAS added that it received multiple complaints in mid-July about delayed withdrawals of both cash and crypto. Despite Tokenize’s claims that customers could transfer their crypto to other exchanges for withdrawal, many users said they are still unable to access their funds.
Coinone to sell $3.1M in crypto under new South Korean disclosure rules
Cryptocurrency exchange Coinone became the first South Korean cryptocurrency exchange to announce the sale of its crypto holdings under new trading guidelines introduced in June.
There was a de facto ban on institutional cryptocurrency trading in South Korea until recently. In February, the Financial Services Commission (FSC) announced the phased entry of institutional capital into the crypto market, with government agencies, non-profits, universities and crypto exchanges first to be let in throughout the first half of the year.
The guideline for exchanges to sell cryptocurrencies went into effect in June. According to the guidelines, exchanges are not permitted to sell on their own platforms, and must use at least two fiat-to-crypto exchanges (there are only five in the country, including Coinone). Only assets in the top 20 by market capitalization can be sold by exchanges.
Coinone said in a Tuesday announcement that it plans to sell 4.1 billion Korean won (about $3 million) worth of crypto through rival exchanges Upbit and Korbit.
In this second half of the year, the FSC plans to pilot institutional crypto trading for investment and financial purposes, targeting approximately 3,500 entities, including publicly traded companies and registered professional investors.
Yohan Yun
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