Philippines SEC Flags dYdX and Six Crypto Platforms Over Unauthorized Investment Activities

The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning citizens against using several crypto trading platforms, including dYdX, citing lack of proper authorization. In a statement released through official channels, the regulator named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium as platforms that are not registered to offer investment services within the country.

According to the SEC, these platforms appear to be soliciting investments by promoting opportunities that promise potential profits or returns. However, none of the listed firms have secured licenses under the country’s crypto-asset service provider framework, which requires companies to meet regulatory, capital and operational standards before serving local users.

Authorities warned that individuals promoting or endorsing these platforms within the Philippines could face criminal penalties under the Securities Regulation Code, including fines of up to 5 million Philippine pesos, equivalent to about $89,000, or imprisonment for up to 21 years.

Regulatory Crackdown Intensifies Across Crypto Sector

The latest warning reflects a broader enforcement trend as Philippine regulators increase oversight of digital asset services. In recent years, authorities have shifted from issuing public advisories to imposing stricter actions, including blocking access to non-compliant platforms.

Earlier enforcement measures included blocking major international exchanges after failing to meet compliance deadlines and directing digital marketplaces to remove certain crypto applications. Regulators have also issued advisories against multiple global trading platforms accused of operating without proper registration.

Despite the crackdown on unauthorized providers, licensed financial institutions in the Philippines have continued expanding regulated crypto offerings, including initiatives that enable stablecoin based salary payments and digital banking integration of cryptocurrency services.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.