6 minute read
Is MEXC Exchange Banned in Philippines? Review Broker
from MEXC Exchange
by XM Blog
No, MEXC Exchange is not officially banned in the Philippines. However, it is not a licensed Virtual Asset Service Provider (VASP) under the Bangko Sentral ng Pilipinas (BSP), which means it operates in a regulatory gray area and may pose legal or financial risks to Filipino users. If you're wondering whether you can legally trade crypto on MEXC in the Philippines, the short answer is: yes, you still can—but you should proceed with caution.
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In this article, we’ll break down the regulatory landscape, what the BSP says about exchanges like MEXC, what risks are involved, and what you should consider before using the platform as a Filipino resident.
What Is MEXC Exchange?
MEXC (short for Mercantile Exchange) is a global cryptocurrency exchange established in 2018. It offers spot trading, futures, leveraged tokens, staking, and launchpad projects. MEXC claims to serve over 10 million users worldwide and supports hundreds of crypto assets.
It is known for listing low-cap altcoins quickly, offering high-leverage trading options (up to 200x), and allowing relatively easy account registration with minimal KYC.
But while MEXC is globally accessible, it’s not necessarily licensed or regulated in every country it operates in—and that includes the Philippines.
Is MEXC Legal in the Philippines?
Here’s the core issue: MEXC is not registered with the Bangko Sentral ng Pilipinas (BSP) as a Virtual Asset Service Provider (VASP). BSP has not granted MEXC any license to legally offer crypto trading or custodial services in the Philippines.
What Does That Mean?
It does not mean MEXC is banned. It simply means that the exchange is operating without formal recognition by the Philippine government. So while Filipino users can access and trade on MEXC, they do so at their own risk.
MEXC is not blocked at the ISP level, its app is still downloadable, and there is no criminal penalty for individuals using it (as of this writing). However, since it’s not under BSP oversight, users are not protected by local consumer laws if problems arise.
BSP’s Stance on Unregistered Crypto Exchanges
The BSP regulates crypto exchanges under the Virtual Currency Guidelines established in Circular No. 944 and further updated in Circular No. 1108. These rules require any crypto exchange that services Filipino customers to register as a VASP.
Failure to register means:
The exchange is not authorized to operate locally.
It cannot offer custodial wallets or fiat on-ramp/off-ramp services (like converting PHP to crypto).
Users are not entitled to BSP consumer protections or dispute resolution processes.
The BSP has consistently warned the public about using unregistered platforms. In official advisories, it urges users to transact only with BSP-licensed exchanges to avoid scams, hacks, or frozen assets.
So, Is MEXC Banned? Let's Be Clear
✅ MEXC is not explicitly banned in the Philippines.
❌ MEXC is not licensed or regulated by the BSP.
⚠️ Using MEXC in the Philippines comes with higher financial risk, especially in case of fraud, technical failure, or withdrawal issues.
Think of it like using a foreign broker who isn’t regulated by your local stock exchange. It’s not illegal, but it’s not protected either.
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What Are the Risks of Using MEXC in the Philippines?
No Legal Recourse in the Philippines
If your account is locked, funds are lost, or there’s a dispute, you cannot file a complaint with the BSP or the Philippine courts (unless you go through complex international legal channels).
No PHP On/Off Ramp
Since MEXC isn’t integrated with local banks or payment providers, you can’t deposit or withdraw Philippine Pesos (PHP) directly. You’ll need to use another exchange like Coins.ph or Binance (peer-to-peer) to convert PHP to crypto and vice versa.
Regulatory Crackdowns Could Happen
Although MEXC is accessible now, future regulations could lead to IP blocks, app removals, or asset freezes—similar to what happened to other platforms in various countries.
KYC and Withdrawal Issues
MEXC has a reputation for tightening KYC/AML rules without warning. This means some users suddenly find their withdrawals frozen or accounts limited until they provide additional documents.
Risk of Exit Scams or Hacks
Since MEXC operates outside local regulatory oversight, there’s always a risk—however small—that users could lose funds due to security breaches, mismanagement, or even an exit scam.
Why Do Filipinos Still Use MEXC?
Despite the risks, many Filipino traders still use MEXC for several reasons:
Early access to new altcoins: MEXC is known for being one of the first exchanges to list micro-cap tokens.
High leverage trading: Some traders are attracted to the 100x-200x leverage on futures trading.
Low KYC barrier: Creating an account is easy and quick.
No restrictions (for now): There are currently no blocks on the website or app in the Philippines.
Still, just because something is accessible doesn’t mean it’s advisable—especially when money is involved.
BSP-Licensed Crypto Exchanges in the Philippines (2025)
To stay safe and compliant, Filipino users are encouraged to use BSP-approved platforms. As of mid-2025, the BSP has licensed several VASPs, including:
Coins.ph
PDAX (Philippine Digital Asset Exchange)
GCrypto (via GCash)
Maya Crypto (via PayMaya)
BloomX
Moneybees
These platforms are fully registered, support PHP deposits/withdrawals, and offer better regulatory protection.
If you're doing regular or large-volume trades, it's wiser to use licensed platforms—or at least use them as a bridge to fund your MEXC wallet with USDT or BTC.
Will MEXC Be Banned in the Future?
There’s no official indication that the Philippine government plans to ban MEXC in the near future. However, the global regulatory trend is toward tighter crypto control, not looser.
The BSP may eventually follow other countries in requiring ISPs and app stores to restrict access to unlicensed crypto platforms.
If MEXC does not register as a VASP or comply with local laws, there’s always a chance that future legislation could effectively block or limit access to it in the Philippines.
That’s why it’s essential to stay updated with BSP advisories and crypto regulations as they evolve.
How to Use MEXC Safely in the Philippines (If You Still Want To)
If you still choose to use MEXC despite the risks, here are some tips to stay safe:
Avoid keeping large balances on the platform. Withdraw to your own wallet (cold or hot) when not actively trading.
Don’t use PHP directly. Use USDT or other stablecoins for funding to avoid fiat conversion issues.
Use 2FA and strong passwords. Security is your responsibility when using unregulated platforms.
Stay updated on regulations. Follow BSP, SEC, and crypto news in case of sudden policy changes.
Use a licensed local platform for fiat conversion. Use Coins.ph or PDAX as a gateway to fund your MEXC account securely.
Final Verdict: Should You Use MEXC in the Philippines?
Technically, yes—you can still use MEXC in the Philippines. But should you? That depends on your risk tolerance.
If you're a casual investor looking for safety, stick to BSP-licensed platforms.
If you're a seasoned trader who understands the risks and knows how to manage them, MEXC offers flexibility and access to new tokens—but always proceed with caution.
The crypto landscape in the Philippines is evolving. As regulations tighten, unregistered exchanges like MEXC may eventually face blocks or sanctions. Until then, the choice is yours—but it should be an informed one.
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