- The Philippine SEC warned investors against dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium.
- The regulator said the platforms are not registered with the Commission and do not hold approval under the country’s crypto framework.
- The SEC said promoters of these platforms in the Philippines could face fines of up to 5 million pesos or prison of up to 21 years.
The Philippine Securities and Exchange Commission has warned the public not to invest in dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, saying the platforms are not registered or authorized to solicit investments in the country. According to the regulator’s latest public alert, the platforms appear to be offering investments to the public in exchange for promised returns, profits, or interest.
The warning keeps the focus on dYdX, which the SEC said is not registered as a corporation, partnership, or one-person corporation in the Philippines. It lacks the required license to offer, sell, or distribute securities locally.
Additionally, the SEC said dYdX has not secured registration or authorization as a crypto-asset service provider under the country’s CASP rules.
SEC Says Platforms Lack Registration and Authority
According to the regulator, none of the seven named entities hold approval under the Philippine crypto-asset service provider framework, which requires firms offering crypto-related services in the country to obtain licenses and meet capital and operational requirements before launching locally.
That point is central to the latest advisory. The SEC is not only questioning the platforms’ marketing. It is also drawing a legal line around who can offer crypto-related services to Philippine users. Moreover, the regulator said the rules apply to both local and foreign entities serving people in the Philippines.
Promoters Could Face Fines or Prison Time
The SEC also warned that people acting as salesmen, brokers, dealers, agents, recruiters, influencers, endorsers, or enablers for these platforms in the Philippines may face criminal liability. Under Sections 28 and 73 of the Securities Regulation Code, violators could face fines of up to 5 million Philippine pesos, imprisonment of up to 21 years, or both.
Notably, the advisory fits a broader regulatory shift in the Philippines. Recent enforcement has moved beyond public warnings and into access restrictions against non-compliant crypto operators. Earlier actions targeted other offshore platforms as regulators tightened oversight of firms serving local users without registration.
Philippine authorities are widening their crackdown on unlicensed crypto trading platforms, and dYdX is now part of that enforcement wave.
Related: SEC Chair Paul Atkins Marks One Year, Signals Pro-Crypto Shift
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