Key Takeaways:
The Philippine Securities and Exchange Commission (SEC) has issued a public advisory against seven crypto trading platforms, including dYdX, for operating without the required authorization to solicit investments in the country.
"This is a part of our ongoing efforts to protect Filipino investors from unregistered and fraudulent investment schemes," an SEC spokesperson said in a statement. The regulator cited Sections 28 and 73 of the Securities Regulation Code, which prohibit the sale of securities without a license.
The advisory, posted on the commission's official Facebook page, named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. Promoters of these platforms in the Philippines could face severe penalties, including fines of up to 5 million Philippine pesos (approximately $89,000) or imprisonment for up to 21 years.
This action signals an escalation in the country's campaign to regulate the digital asset space, following similar moves against global giants. The warning highlights a broader trend of stricter enforcement in the Philippines, which has moved from issuing warnings to actively blocking access to unlicensed crypto-asset service providers (CASPs).
The latest advisory is part of a continuing regulatory push. In 2024, Philippine authorities initiated the blocking of access to Binance after a compliance deadline for the exchange expired. Regulators also instructed app stores to remove the Binance application from their platforms for users in the country.
The crackdown expanded in August 2025 when the SEC issued a similar warning against 10 other exchanges, including major players like OKX, Bybit, KuCoin, and Kraken. On December 24, 2025, the regulator also blocked access to Coinbase and Gemini as part of its sweep of unlicensed CASPs.
While enforcement has intensified, compliant firms have continued to expand their services. In 2025, local exchange PDAX partnered with Toku to offer stablecoin salary payouts, and the digital bank GoTyme introduced crypto trading services within its app through a partnership with Alpaca.
This article is for informational purposes only and does not constitute investment advice.
