Philippines SEC Issues Public Alert for Unauthorized Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has issued a public alert regarding unauthorized crypto trading platforms operating within its jurisdiction.

According to the SEC, dYdX and six other platforms - Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium - are not registered or authorized to solicit investments in the Philippines. The regulator emphasized that these entities appear to be offering investments to the public in exchange for promised returns, profits, or interest.

The SEC warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code, which carries potential penalties including fines up to PHP 5 million and imprisonment up to 21 years.