Bybit Philippines 2026: SEC Ban Explained — Why You Can’t Sign Up (And What to Use Instead)
Disclosure: This article does not contain affiliate links to Bybit. We may earn a commission if you sign up for alternative platforms through links on this page, at no extra cost to you. This does not influence our editorial recommendations.
Key Takeaways
- Bybit is blocked for new registrations in the Philippines — the SEC named it an unregistered CASP on August 6, 2025.
- Existing accounts still work: you can log in and withdraw your funds. No deadline announced as of May 2026.
- Bybit was removed from PH Google Play on March 18, 2026; PLDT and Smart have blocked the website via NTC order.
- Crypto trading itself is NOT banned in the Philippines — only platforms that haven’t registered under the SEC’s CASP framework.
- Coins.ph (BSP + SEC licensed) is the top local alternative: GCash integration, 7-Eleven cash-in, 170+ coins.
- Fee trade-off is real: Bybit charged 0.10% spot; Coins.ph Pro charges 0.10%–0.30%; PDAX charges 0.40%–0.50%.
What Happened: The 2025 SEC Philippines Crackdown
If you’ve searched for “Bybit Philippines” in 2026, you already know something is wrong. The app is gone from Google Play. The website loads slowly or not at all on PLDT and Smart connections. And when you try to create a new account, you hit a wall.
Here’s the full chain of events, in order:
- July 5, 2025 — The SEC Philippines’ Crypto Asset Service Provider (CASP) Rules took effect. Any exchange operating in the Philippines must register, meet a ₱100 million paid-up capital requirement, and maintain local compliance infrastructure.
- August 6, 2025 — The SEC issued a public advisory naming 10 unregistered exchanges: Bybit, OKX, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex. Bybit was the second-largest name on that list.
- Late 2025 — The SEC requested the National Telecommunications Commission (NTC) to block access to these platforms. PLDT and Smart — the two dominant ISPs — implemented website-level blocks. The SEC also requested Google and Apple to delist the apps.
- End of 2025 — Bybit proactively halted new user registrations from the Philippines. This was a compliance decision, not a forced shutdown — Bybit effectively withdrew from the PH market rather than fight the registration battle.
- March 18, 2026 — Bybit’s app was removed from the Philippine Google Play Store. The iOS App Store status depends on your Apple ID country setting.
The BitPinas Facebook page — the most-followed crypto news source in the Philippines — broke the news bluntly: “Don’t bother registering to Bybit as the exchange no longer accepts new users from the Philippines.” That post became one of the top-ranked pages in Philippine Google searches for “Bybit Philippines.”
This followed a pattern Filipinos had already seen with Binance in 2024, when the BSP blocked Binance and gave users a 90-day window to withdraw. The Bybit situation is less structured — no formal deadline has been published — but the direction is the same.
Can I Still Use My Existing Bybit Account from the Philippines?
This is the question that matters most to the estimated 12 million+ crypto users in the Philippines who were using Bybit before the restrictions kicked in.
Short answer: Yes, for now. Existing accounts can still log in and withdraw. Bybit has not announced a forced account closure or a fund-freeze date for Philippine users as of May 2026.
Practical reality: Accessing the Bybit website from a PLDT or Smart connection without a VPN may be difficult due to the NTC-ordered ISP block. Some users on Globe or Sky have reported fewer issues, but the block is being enforced unevenly. Using a VPN to access Bybit for withdrawals is a gray area — it’s not illegal under Philippine law to use a VPN, but it doesn’t resolve your compliance exposure with the SEC.
The prudent path: if you have funds on Bybit, the safest action is to withdraw them to a BSP/SEC-licensed local exchange or to a self-custody wallet. The longer funds sit on an unregistered platform, the less legal recourse you have if something goes wrong.
“Users who hold funds on unregistered platforms face risks including no protection of client funds, no legal recourse in Philippine courts, and possible frozen withdrawals without notice.” — CCN.com, citing Philippine SEC guidelines
How to withdraw from Bybit to a local exchange:
- Step 1: On Bybit, go to Assets → Withdraw. Select your coin (USDT is the most liquid option for conversion to PHP).
- Step 2: Get your deposit address from Coins.ph or PDAX (under their “Receive” or “Deposit Crypto” flow).
- Step 3: Send from Bybit to your Coins.ph/PDAX wallet address. Use TRC-20 network for USDT (lowest fees: typically ~$1).
- Step 4: Once received on Coins.ph or PDAX, sell for PHP and withdraw to GCash, Maya, or your bank.
Why the SEC Moved Against Bybit (Not Just Bybit)
The SEC’s CASP framework wasn’t designed to target Bybit specifically. The August 2025 advisory named 10 exchanges simultaneously — Bybit happened to be the biggest name that chose to exit rather than apply for registration.
The CASP rules require any platform operating in the Philippines to:
- Register as a Crypto Asset Service Provider with the SEC
- Maintain a minimum paid-up capital of ₱100 million (roughly $1.7 million USD)
- Comply with Philippine AML laws and customer protection requirements
- Submit to ongoing SEC oversight and reporting
Bybit, with 70 million global users and operations spanning dozens of markets, made the calculation that pursuing a Philippine CASP registration was not worth the compliance overhead — at least not yet. Other exchanges on the advisory list, such as KuCoin and Kraken, face the same decision. None have announced CASP applications as of May 2026.
The BSP (Bangko Sentral ng Pilipinas) runs a parallel licensing track for Virtual Asset Service Providers (VASPs). Platforms like Coins.ph and PDAX are BSP VASP licensees and have separately registered with the SEC under the CASP framework — giving them the full dual-compliance status that offshore exchanges currently lack.
This dual-track reality is important: it’s not that crypto is illegal in the Philippines — it’s that the platforms must be locally registered. The SEC framed the advisory as a consumer protection measure, not a ban on the asset class itself.
What PH Crypto Traders Are Actually Losing with Bybit Gone
Before recommending alternatives, it’s worth being honest about what the local BSP/SEC-licensed exchanges cannot replicate. If you were a regular Bybit user, these gaps are real:
Derivatives and futures trading: Bybit was the primary derivatives venue for PH traders. It offered perpetual contracts, USDT futures, and options. No BSP/SEC-licensed PH platform currently offers derivatives or futures trading. This is a hard limit of the local regulatory framework — not a feature gap that a new exchange can solve easily.
Coin selection: Bybit supports 500+ tradable assets and 2,000+ coin pairs. Coins.ph lists 170+ coins with PHP pairs for around 32 assets. PDAX offers 13 PHP pairs. For mainstream coins (BTC, ETH, SOL, BNB), the local exchanges are adequate. For altcoins and DeFi tokens, the selection drops significantly.
Trading fees: Bybit’s Non-VIP spot fee is 0.10% maker/taker. Coins.ph Pro charges 0.05% maker / 0.10% taker — actually competitive with Bybit. Coins.ph standard app charges 0.25%–0.30%, which is higher. PDAX charges 0.40% maker / 0.50% taker, which is materially more expensive for active traders.
OFW use case: Many Filipino crypto users — especially overseas workers — were using Bybit to hold and move USDT for remittance. With Bybit restricted, this flow now needs to route through Coins.ph, PDAX, or self-custody wallets like RedotPay or Bitget Wallet. The mechanics change but the use case remains possible.
For more on crypto cards available to Filipino users, see our guide to RedotPay Philippines — GCash and Maya OFW Remittance Guide and the Bitget Wallet Card Philippines Review for self-custody alternatives that remain accessible.
Best Bybit Alternatives in the Philippines (BSP + SEC Licensed)
These three platforms are fully licensed under both the BSP VASP framework and the SEC CASP rules. They support PHP deposits and withdrawals via GCash, Maya, InstaPay, and over-the-counter channels.
#1 Coins.ph — Best Overall for PH Users
Coins.ph is the largest locally-regulated crypto exchange in the Philippines, with the broadest user base and the most PHP on-ramp options. It holds a BSP VASP license and is registered with the SEC as a CASP.
- Spot trading fee: 0.05% maker / 0.10% taker (Coins Pro) — comparable to Bybit
- Standard app fee: 0.25% maker / 0.30% taker
- PHP pairs: 32 assets directly tradeable against PHP
- Total coins: 170+
- Deposit methods: GCash, JuanCash, AllBank, 7-Eleven, Asenso, bank transfer, PeraHub, AUB
- KYC documents: Philippine passport, SSS ID, UMID, driver’s license, PhilHealth ID, Postal ID + selfie
The GCash integration is the biggest practical advantage. With 94 million+ GCash users in the Philippines, Coins.ph effectively reaches most adult Filipinos. Cash-in via 7-Eleven makes it accessible even without a bank account.
The main limitation: no derivatives or futures, and the standard app fees are higher than Bybit’s flat 0.10%. Advanced traders should use Coins Pro, which brings fees in line with Bybit’s standard tier.
Best for: Beginners, GCash users, OFW remittance, anyone who wants the broadest coin selection on a PH-licensed platform.
#2 PDAX — Best for GCash Crypto via GCrypto
PDAX (Philippine Digital Asset Exchange) has been BSP-licensed since September 2018, making it one of the oldest licensed crypto exchanges in the country. It’s also the infrastructure behind GCrypto — the crypto feature built directly into the GCash app.
- Spot trading fee: 0.40% maker / 0.50% taker
- PHP pairs: 13 assets
- Deposit methods: GCash, Maya, Palawan Pay, RCBC, InstaPay, over-the-counter
- Regulator: BSP VASP license (Sep 2018) + SEC CASP registered
- GCash integration: Powers GCrypto inside GCash — if you use GCash, you’re already using PDAX infrastructure
The fee structure is the trade-off. At 0.40%–0.50%, PDAX charges 4–5× Bybit’s flat rate. For active traders making multiple trades per week, this adds up fast. But for someone who buys BTC or ETH once a month as savings, the compliance depth and GCash integration may be worth the premium.
PDAX Prime targets institutional and advanced traders with tighter spreads and direct PHP wire capabilities — if you’re trading ₱500,000+ per month, contacting PDAX for institutional rates is worth doing.
Best for: GCash users who want to stay entirely within the GCash ecosystem, institutions, PHP direct-deposit traders.
#3 Maya Bank Crypto — Best for Existing Maya Users
Maya Bank (formerly PayMaya) is a BSP-licensed digital bank that includes a crypto feature in its app. It’s not a full-featured exchange — you can’t set limit orders or trade pairs — but it lets you buy, hold, and sell BTC and ETH directly from a PHP savings account.
- Regulator: BSP digital bank license + BSP VASP license
- Deposit method: Maya e-wallet, InstaPay, bank transfer
- Coins available: Limited selection (BTC, ETH, and select others)
- Spreads: Higher than dedicated exchanges — spreads are embedded in the buy/sell price
Maya is not a Bybit replacement for active traders. It’s a convenience layer for people who want simple BTC/ETH exposure without managing a separate crypto app. If you already use Maya for banking, the crypto add-on adds no friction.
Best for: Passive investors, Maya account holders wanting simple crypto exposure, people new to crypto.
Fee Comparison: Bybit vs Philippines-Licensed Alternatives
This table compares spot trading fees across the platforms most relevant to PH users. Bybit’s rate is included for reference — it applies only to existing accounts, as new registrations from the Philippines are blocked.
| Exchange | Spot Maker Fee | Spot Taker Fee | PHP Deposit | GCash | BSP/SEC Licensed |
|---|---|---|---|---|---|
| Bybit (reference) | 0.10% | 0.10% | Not available (PH blocked) | No | No (unregistered CASP) |
| Coins.ph Pro | 0.05% | 0.10% | Yes | Yes | BSP + SEC |
| Coins.ph Standard | 0.25% | 0.30% | Yes | Yes | BSP + SEC |
| PDAX | 0.40% | 0.50% | Yes | Yes (via GCrypto) | BSP + SEC |
| Maya Bank Crypto | Spread-based | Spread-based | Yes | No | BSP digital bank |
The fee comparison reveals a key trade-off: compliance vs. cost. Bybit’s 0.10% flat rate was genuinely competitive. Coins.ph Pro matches it on the taker side (0.10%) and beats it on the maker side (0.05%). PDAX charges 4–5× more than Bybit. For high-frequency or large-volume traders, Coins.ph Pro is the closest fee-efficient local substitute.
What About OKX, Binance, and Other Offshore Exchanges?
OKX was also named in the August 6, 2025 SEC advisory alongside Bybit. The same NTC block applies. New PH registrations on OKX face the same restrictions as Bybit — it’s not a compliant alternative for new users.
Binance has a more complicated history in the Philippines. BSP flagged Binance in 2024 and gave users a 90-day exit window — similar playbook to what’s happening with Bybit now. Binance’s status as of 2026 remains a regulatory gray area for Philippine users. Some PH traders still access Binance via P2P or VPN, but this does not resolve the SEC/BSP compliance gap.
The SEC advisory listed 10 exchanges, and the enforcement pattern suggests more may follow as the CASP framework matures. The prudent approach for new PH crypto users is to start on a BSP/SEC-licensed platform rather than assume offshore exchanges won’t face similar actions.
For a broader comparison of crypto exchanges available in the Philippines, see our OKX Card Philippines Review which covers OKX’s current PH market status and the GCash funding situation in detail.
KYC and Account Verification on PH-Licensed Exchanges
If you’re opening a new account on Coins.ph or PDAX, the KYC process is more demanding than what Bybit required at basic tier — but it’s also what gives these platforms their BSP/SEC compliance credentials.
Required documents (standard across Coins.ph and PDAX):
- One government-issued ID: Philippine passport, SSS ID, UMID, driver’s license, PhilHealth ID, or Postal ID
- Selfie with the ID (live photo, not a scan of a photo)
- Proof of billing address (for Tier 2 / higher-limit verification)
- TIN (Tax Identification Number) may be required for large or recurring transactions
Coins.ph typically completes basic KYC within minutes for most Philippine IDs. PDAX may take longer for institutional or high-tier accounts. Both platforms use automated ID scanning — the selfie matching step is the most common friction point.
One practical note for OFWs: if your registered address is overseas, proof-of-billing verification may require a Philippine-issued utility bill. Some OFWs use a family member’s address for this step — verify the policy with the exchange before submitting.
Philippine Crypto Regulations and Bybit’s Path Back
The Philippines has one of the more developed crypto regulatory frameworks in Southeast Asia — which is precisely why the CASP enforcement landed with such force in 2025.
Will Bybit return? Bybit has not announced whether it plans to file a Philippine CASP registration. The ₱100 million capital requirement is not prohibitive for a 70-million-user global exchange — the real barrier is compliance overhead, local staffing, and ongoing SEC reporting. Several factors could shift the calculation: 12 million+ projected PH crypto users by 2026 is a significant market to walk away from permanently, and the BSP moratorium on new VASP licenses expired in September 2025, technically reopening the application pipeline. For now, the registration block is in place with no end date. Plan your activity around licensed platforms until that changes.
Two separate regulatory tracks:
- BSP (Bangko Sentral ng Pilipinas): Issues VASP (Virtual Asset Service Provider) licenses. Covers platforms that facilitate exchange between fiat and crypto. Coins.ph and PDAX both hold BSP VASP licenses.
- SEC Philippines: Issues CASP registrations under the 2025 rules. Covers investment-related crypto activities, including trading platforms. BSP-licensed VASPs also need SEC CASP registration for full compliance.
The August 2025 advisory was specifically about SEC CASP non-compliance. It’s possible that some exchanges were BSP VASP registered but hadn’t completed the newer SEC CASP process — this administrative gap is what the advisory targeted.
Key point: The Philippine government has not banned cryptocurrency itself. The SEC’s position is consumer protection — ensuring PH users trade on platforms with local legal accountability, local fund protection rules, and AML compliance. The CASP framework is modeled partly on Singapore’s MAS approach and the EU’s MiCA regulation.
For Filipinos, this means crypto investing is legal and encouraged through licensed channels — but the enforcement against offshore unregistered platforms is now active and the consequences of ignoring it (no legal recourse, potential fund freezes) are real.
For a broader look at what crypto cards are available for Filipinos who want to spend crypto directly, the Tria Card Philippines Review covers a BSP-accessible crypto Visa card option for OFW and remittance users.
Frequently Asked Questions
Disclaimer: Cryptocurrency regulations in the Philippines are evolving. The SEC and BSP rules referenced in this article reflect the situation as of May 2026. This article does not constitute legal or financial advice. Verify the compliance status of any exchange before depositing funds. Always conduct your own research before making financial decisions.
