Philippines SEC warns against dYdX, Crypto Platforms
The Philippine Securities and Exchange Commission (SEC) has issued a warning warning Filipinos against investing in DIDX and six other crypto trading platforms, which are not registered or authorized to solicit investments in the country.
In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, based on its findings that the platforms appear to be offering public investments in exchange for promised returns, profits or interest.
The regulator said none of the listed entities are registered with the commission or hold the required license under the crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain a license and meet capital and operating requirements.
The SEC also warned that individuals promoting listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators can be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.
The recommendation underscores a broader shift toward stricter enforcement in the Philippines, where regulators have moved from warnings to restrictions. On December 24, 2025, Philippine regulators will ban Coinbase and Gemini as the broadest unlicensed CASPs.
Broad action against unlicensed crypto operators
The latest advisory comes as Philippine regulators continue to tighten enforcement against crypto platforms operating without local licenses.
In the year By 2024, authorities have moved to block access to Binance after a compliance deadline has passed, with regulators also directing app stores to remove the trading platform's app from domestic users.
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The conflict has since included other major platforms. In the year In August 2025, the SEC issued an advisory to 10 exchanges, including OKX, Bybit, KuCoin and Kraken, that offer crypto services without registration, whose activities put Filipino investors at risk.
Even as regulators target unlicensed operators, compliant firms continue to distribute crypto products. In the year In 2025, PDAX partnered with Toku to enable stablecoin payments, while digital bank GoTyme launched crypto services with Alpaca, allowing users to buy and hold digital assets within the app.
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