Philippine SEC Warns Investors Against Unlicensed Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has issued a warning to investors against using several unlicensed cryptocurrency trading platforms.

The entities in question are dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. According to the SEC, these platforms appear to be offering investments promising returns without registration or authorization in the country.

Regulators have emphasized that individuals promoting these platforms could face severe legal consequences, including fines of up to 5 million Philippine pesos (approximately $89,000) or imprisonment of up to 21 years. This warning is part of a broader effort by the SEC to clamp down on non-compliant cryptocurrency trading platforms.

The Philippines has implemented stricter regulations for cryptocurrency service providers in recent years. Firms must secure licenses and meet specific capital and operational standards before offering services locally. In contrast, unlicensed operators like dYdX and others have been deemed non-compliant with these regulations.