Philippine SEC Warns Investors About Unregistered Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has issued a public advisory warning investors about several unregistered cryptocurrency trading platforms.

dYdX and six other platforms, including Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, have been flagged for operating without proper registration and authorization in the Philippines.

The SEC's Crypto Asset Service Provider (CASP) framework requires entities providing crypto-related services to register as stock corporations, meet a minimum capital requirement of ₱100 million, and secure specific licenses to operate.

None of the flagged platforms have complied with these rules, leaving investors exposed to significant risks, including potential losses and lack of legal recourse.