The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert advising Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.
In a Facebook post, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, saying its review indicates the platforms appear to be offering investments to the public with promised returns, profits or interest. None of the entities are registered with the SEC or hold authorization under the regulator’s crypto-asset service provider (CASP) framework, which requires licenses and compliance with capital and operational requirements for firms offering crypto services in the Philippines.
The advisory also warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73, violators could face fines of up to 5 million Philippine pesos or imprisonment for up to 21 years, or both.
The alert is the latest step in a broader enforcement push against unlicensed crypto operators. On Dec. 24, 2025, Philippine regulators blocked access to Coinbase and Gemini as part of efforts to curb unregistered CASPs. Regulators previously moved to block Binance in 2024 after a compliance deadline expired and directed app stores to remove the platform’s app for users in the country.
In August 2025, the SEC issued an advisory naming 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering crypto services without registration, cautioning that their activities exposed Filipino investors to risks.
At the same time, locally compliant firms have continued to expand crypto offerings. In 2025, PDAX partnered with Toku to enable stablecoin salary payouts, and digital bank GoTyme launched crypto services with Alpaca, allowing customers to buy and hold digital assets within its app.
The SEC advisory underscores increasing regulatory scrutiny in the Philippines as authorities shift from warnings to access restrictions to protect local investors from unlicensed crypto services. Cointelegraph notes the SEC’s advisory and related enforcement actions in its coverage of the developments.