REGULATION | SEC Philippines Issues Public Investor Alert Over Unauthorised dYdX and 6 Other Crypto Trading Platforms

The Philippine Securities and Exchange Commission (SEC Philippine) has issued a public warning against using cryptocurrency trading platform, dYdX, and six other digital asset services, saying they are operating without the required authorization to solicit investments in the country.

In an advisory, the regulator said:

• dYdX
• Aevo
• gTrade
• Pacifica
• Orderly
• Deriv and
• Ostium,

are not registered with the commission and have not secured licenses under the Philippines’ Crypto-Asset Service Provider (CASP) framework.

In addition, firms offering cryepto-related services in the Philippines are required to meet capital and operational requirements, and none of the listed entities seem to have made the cut.

The SEC said its findings indicate the platforms appear to be offering investment opportunities to the public, including promises of returns, profits or interest, which may fall under securities regulations.

Under Philippine law, entities offering such products must register with the SEC and comply with disclosure and licensing requirements before marketing to investors.

The regulator warned that individuals promoting or endorsing these platforms locally could face penalties, including fines of up to 5 million pesos (about $89,000) or imprisonment of up to 21 years, or both.

The advisory forms part of a broader crackdown by Philippine authorities on unlicensed crypto operators as regulators tighten oversight to protect retail investors from potential fraud, losses and lack of legal recourse.

Some of the recent actions by Philippine authorities against crypto players are as follows:

• SEC Philippines blocked Coinbase and Gemini in December 2025 as part of its broader crackdown on unlicensed CASPs.
• SEC Philippines warned investors against the use of 10 ‘unregistered crypto exchanges,’ including OKX, ByBit, KuCoin, and Kraken
• In 2024, the authorities also blocked Binance directing app stores to remove the trading app from the access within the country.

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