Philippine SEC Flags dYdX and Six Unlicensed Crypto Platforms

The Philippine Securities and Exchange Commission posted an advisory on Tuesday warning the public not to invest in dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium. The SEC said none of the named platforms are registered with the Commission or authorized to solicit investments under the country’s crypto-asset service provider (CASP) framework.

The CASP framework requires firms offering crypto services in the Philippines to obtain a license and meet specified capital and operational requirements before soliciting local investors. The SEC’s review found the listed platforms appear to be offering investments to the public in exchange for promised returns, profits or interest.

The regulator cautioned that individuals promoting any of the named platforms in the Philippines may face criminal liability under the Securities Regulation Code. Sections 28 and 73 of the code carry penalties of up to 5 million Philippine pesos and prison terms of up to 21 years, or both, for illegal solicitation.

The advisory follows a pattern of enforcement actions by Philippine authorities against unregistered crypto operators. In 2024 regulators moved to block access to Binance after the platform missed a compliance deadline. In August 2025 the SEC named 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering services without registration. On Dec. 24, 2025, regulators blocked access to Coinbase and Gemini as part of enforcement against unlicensed CASPs.

The SEC urged the public to verify whether a crypto platform is registered with the Commission before investing and to report suspected illegal solicitation to authorities. The notice did not include details about how the named platforms operate in the Philippines or announce immediate enforcement actions beyond the public warning.

While enforcement has targeted unregistered operators, some firms that meet local rules continued to roll out crypto products in 2025. PDAX launched a stablecoin payroll service in partnership with a payments firm, and digital bank GoTyme introduced crypto services through a tie-up with Alpaca, allowing customers to buy and hold digital assets within its app.