SEC Targets Unregistered Decentralized Exchanges in the Philippines

The Philippine Securities and Exchange Commission (SEC) has taken a strong stance against unregistered decentralized exchanges operating in the country.

dYdX, Aevo, gTrade, Pacifica, and Orderly are among the platforms that have been flagged by the SEC for offering unauthorized services to Filipino investors.

The SEC notes that these platforms allow users to connect digital wallets and electronically trade crypto-assets and derivative instruments, which may be considered as an offer of securities under the Securities Regulation Code (SRC).

According to the Commission's records, none of the five platforms are registered as corporations or partnerships in the Philippines, nor do they hold the required Crypto-Asset Service Provider (CASP) authorization.