Philippines SEC Warns Against dYdX and 6 Crypto Platforms in Investor Alert

Philippines SEC warns against dYdX and six crypto platforms, citing lack of registration and rising risks for Filipino investors.

The Philippine Securities and Exchange Commission has issued a strong warning against several crypto platforms. It is recommended that Filipinos should not invest in dYdX and six others. These are Pacifica, Aevo, Ostium, Orderly, Deriv, and gTrade that are not properly authorized.

SEC Flags Unregistered Crypto Platforms Targeting Filipino Investors

According to a public post, the regulator discovered these platforms that provided investment services. They were seen to offer returns, profits, or interest to users. However, none of these entities is registered in the Philippines. Hence, they are not allowed by law to provide such services to the masses.

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Besides, the SEC affirmed that these platforms are not Crypto-Asset Service Providers. Any crypto-related service in the country requires this license. Companies are unable to run or market financial products without it. As a result, these platforms are considered unlicensed and risky.

According to the existing regulations, companies have to fulfill stringent requirements to be approved. They are required to have a physical office in the Philippines. Moreover, they should have a minimum paid-up capital of ₱100 million. The measures are intended to provide safety and responsibility in the crypto market.

Moreover, the SEC mentioned that these sites provide online trading services. These are crypto assets and derivatives such as perpetual contracts. Nonetheless, these offerings are unlawful unless registered. Thus, investors who avail themselves of these services are at a great risk of losing their money.

Strict Penalties and Rising Enforcement Across Crypto Sector

The SEC cautioned that unlicensed platforms subject investors to the risk of fraud. They can also cause market manipulation and unexpected financial losses. Users are not well-protected by law in such situations. Thus, the regulator encouraged the citizens to be vigilant and knowledgeable.

Also, the advisory cautioned promoters and influencers who backed these platforms. Any person who assists in advertising or selling these services can be charged with a crime. This involves agents, marketers and online content creators. Therefore, the platforms are no longer the only sources of legal risks.

Local laws may impose fines of up to ₱5,000,000 on violators. This amounts to approximately 89,000 as per the current estimates. Additionally, the offenders might be imprisoned up to 21 years. These fines demonstrate how serious the warning of the regulator is.

Meanwhile, the SEC has been stepping up enforcement measures over the past few years. In 2024, it blocked access to Binance in the country. Later in 2025, it also restricted Coinbase and Gemini. These measures indicate a more restrictive approach to international platforms.

Moreover, the SEC is collaborating with big tech firms to restrict access. It is liaising with Google, Apple, and Meta. The idea is to eliminate unauthorized applications and associated advertisements.

Overall, the warning points to the increasing issues of crypto safety in the Philippines. The regulator is interested in safeguarding investors when the market is busy. Users are thus encouraged to check platforms before investing. This step may help avoid losses and legal issues.

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