The Philippine Securities and Exchange Commission has issued a public advisory warning investors against using dYdX and six other crypto trading platforms, stating they are not registered or authorized to operate in the country.
In a Facebook post on Tuesday, the regulator named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, noting that they appear to be offering investment opportunities promising returns, profits or interest.
The SEC said none of these entities are registered under its crypto-asset service provider (CASP) framework, which requires firms to secure licenses and meet capital and operational standards before offering services in the Philippines.
It also warned that individuals promoting these platforms locally could face criminal penalties under the Securities Regulation Code. Violations may result in fines of up to 5 million Philippine pesos (around $89,000), imprisonment for up to 21 years, or both.
The advisory reflects a broader regulatory tightening in the country. In December 2025, authorities blocked access to Coinbase and Gemini as part of a wider crackdown on unlicensed crypto service providers.
Broader crackdown on unlicensed crypto operators
The latest advisory underscores a continued push by the Philippine Securities and Exchange Commission to tighten enforcement against crypto platforms operating without local approval.
In 2024, regulators moved to block access to Binance after it failed to meet a compliance deadline, also directing app stores to remove the platform from users’ devices in the country.
The crackdown has since widened. In August 2025, the SEC flagged 10 additional exchanges—including OKX, Bybit, KuCoin and Kraken—for offering services without proper registration, warning that such activity exposes Filipino investors to significant risks.
Despite the enforcement actions, compliant firms have continued to expand their offerings. In 2025, PDAX partnered with Toku to enable stablecoin-based salary payouts, while digital bank GoTyme teamed up with Alpaca to introduce in-app crypto trading and custody services.
