The Philippine Securities and Exchange Commission (SEC) has told the public not to invest in seven online crypto trading platforms, including derivatives protocol dYdX. The other named venues are Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, all of which offer trading services to users in the country.
According to the advisory, these platforms are not registered with the PH SEC and do not hold a license under the country’s Crypto Asset Service Provider framework. The regulator says their activities may involve the unregistered offer and sale of securities, especially where they list perpetual or leveraged crypto derivatives.
According to the SEC, unlicensed platforms put Filipino investors at greater risk of fraud, market manipulation, and complete loss. It emphasizes that if money disappears or if the platforms abruptly stop withdrawals, users have few legal options.
CASP Rules and Possible Jail Time for Promoters
The warning expands on CASP regulations, which went into force in 2025 and mandate that any cryptocurrency platform catering to Filipino customers register and adhere to stringent conduct criteria. These regulations apply to exchanges, brokers, and derivatives venues that facilitate the purchase, sale, or trading of cryptocurrency assets, including via websites and mobile apps.
In its latest notice, the SEC says people who promote the seven named platforms inside the Philippines could face serious penalties. The agency warns that influencers, agents, or even friends who solicit investments may be criminally liable, with fines of up to 5 million pesos and prison terms of up to 21 years.
The regulator also reminds the public that the list is not exhaustive. The SEC also treats other platforms that offer similar services without registration as illegal, even if it does not name them in the latest advisory.
Part of a Broader Crackdown on Offshore Exchanges
The current notice follows previous SEC actions against significant offshore exchanges that operated without local licenses, including OKX, Bybit, KuCoin, Kraken, and others. In those instances, the agency also emphasized the dangers posed by unregistered digital asset venues to money laundering and terrorist financing.
Philippine authorities, working with other agencies, have already blocked the websites and applications of certain noncompliant platforms.
They claim that the goal of this tactic is to make it difficult for local consumers to obtain services that don’t adhere to domestic investor protection regulations.
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