The Philippine Securities and Exchange Commission (SEC) has issued a stern warning to investors against using seven cryptocurrency platforms, including prominent decentralized exchange dYdX, for operating without authorization in the country. In a Facebook post, the regulator named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium.
The SEC stated its review found these platforms "appear to be offering investments to the public" in exchange for "promised returns, profits or interest." Crucially, none of the entities are registered with the Commission or hold approval under the Philippines' crypto-asset service provider (CASP) framework, which mandates firms secure licenses and meet capital and operational standards before offering services locally.
Promoters of these unlicensed platforms face severe legal consequences. Under Sections 28 and 73 of the Securities Regulation Code, violators risk fines of up to 5 million Philippine pesos (approximately $89,000) or imprisonment of up to 21 years, or both.
This latest action is part of a broader pattern of stricter enforcement that has moved beyond warnings to actively blocking access. The SEC had previously taken steps against major global exchanges. Binance saw its website blocked nationwide after failing to meet compliance requirements, and its app was later removed from local app stores following SEC requests to Google and Apple in late 2024. By early 2026, users in the Philippines were unable to access the exchange's main site.
Other platforms like Coinbase and Gemini were blocked on December 24, 2025. In August 2025, the SEC flagged another group including OKX, Bybit, KuCoin, and Kraken for offering unregistered services.
While cracking down on offshore platforms, the regulator noted that licensed domestic players continue to expand. Local exchange PDAX partnered with Toku in 2025 to enable stablecoin salary payouts, and digital bank GoTyme entered the space through a tie-up with Alpaca. The SEC maintains a clear distinction between these compliant operators and unregistered entities.
