Philippine SEC Warns Against dYdX and Six Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has taken a decisive step in protecting investors by issuing a public alert warning against dYdX and six other crypto trading platforms.

According to the SEC, these platforms are not registered or authorized to solicit investments in the country, posing a significant risk to Filipino investors. The regulator has found that they offer investments with promised returns, profits, or interest without meeting the necessary requirements for registration and authorization under its crypto-asset service provider (CASP) framework.

The SEC advisory highlights the consequences of promoting unregistered platforms in the Philippines. Individuals who engage in such activities may face criminal liability under the Securities Regulation Code, with penalties including fines up to 5 million Philippine pesos ($89,000) or imprisonment for up to 21 years, or both.