Philippines SEC Warns Against dYdX and 6 Crypto Platforms

The regulator said the platforms appear to be offering investment opportunities without complying with local securities laws or obtaining licenses under the Crypto-Asset Service Provider framework. The SEC also warned that individuals promoting these platforms could face fines of up to 5 million pesos, imprisonment of up to 21 years, or both. 

Philippines Names 7 Unauthorized Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) issued a fresh public investor warning against seven online trading platforms that are allegedly operating without the required authorization in the country. In a statement that was released through its official Facebook page, the regulator advised Filipinos not to invest in dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, and said that these entities are not registered with the Commission and have not secured approval to solicit investments from the public.

Facebook post from the SEC of Philippines

According to the SEC, its review found that these platforms appear to be offering investment opportunities that promise returns, profits, or interest. Under Philippine law, any entity engaging in such activity must first register with the Commission and comply with the rules governing the offering of securities or investment contracts. 

The SEC pointed out that none of the named platforms have obtained the licenses required under the country’s Crypto-Asset Service Provider (CASP) framework, which sets standards for firms involved in digital asset trading, custody, and related services.

The CASP framework was introduced to regulate the crypto industry and to ensure that companies serving Filipino users meet financial, operational, and consumer protection standards. These include capitalization requirements, transparency obligations, and safeguards designed to reduce fraud and protect investors from excessive risk. 

The regulator also warned that people who promote or endorse these platforms in the Philippines may face legal consequences. Under Sections 28 and 73 of the Securities Regulation Code, violators may be subject to fines of up to 5 million Philippine pesos, imprisonment of up to 21 years, or both. This warning extends beyond platform operators themselves and includes marketers, influencers, and others encouraging public participation.

Authorities have moved from issuing cautionary notices to implementing direct restrictions on access to unauthorized platforms. In late 2025, regulators reportedly blocked access to Coinbase and Gemini as part of a larger campaign against unlicensed crypto firms. Earlier enforcement actions also targeted Binance, which faced access restrictions after failing to meet compliance deadlines, while app stores were instructed to remove its application for users in the country.

Philippine SEC advisory against Binance

The crackdown has expanded over time. In August of 2025, the SEC warned against ten additional exchanges, including OKX, Bybit, KuCoin, and Kraken, due to similar concerns over unregistered operations.