Philippines SEC Warns Against 7 Unregistered Crypto Trading Platforms Including dYdX, Orderly

Gate News message, April 21 — The Securities and Exchange Commission (SEC) of the Philippines issued an investor warning against seven unregistered cryptocurrency trading platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC stated that these platforms are not registered with the commission and lack the necessary authorization required under the Crypto Asset Service Provider (CASP) framework.

The SEC warned that individuals promoting these platforms within the Philippines may face criminal liability, including fines of up to 5 million Philippine pesos (approximately $89,000) or imprisonment for up to 21 years.