dYdX Among Seven Crypto Exchanges Flagged by Philippine Securities Regulator
Those who promote the identified platforms could be subject to penalties reaching 5 million Philippine pesos ($89,000) in fines or imprisonment for as long as 21 years according to Philippine securities regulations.
A public investor alert has been released by the Philippine Securities and Exchange Commission (SEC) cautioning Filipino citizens against investing through dYdX and six additional crypto trading platforms, citing their lack of registration and authorization to solicit investments within Philippine jurisdiction.
Through a Facebook announcement made on Tuesday, the SEC identified dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium as platforms that, according to the regulator's investigation, seem to be soliciting public investments in return for promised returns, profits or interest payments.
According to the regulator's statement, none of these named entities possess registration with the Commission nor do they hold the necessary authorization under the country's crypto-asset service provider (CASP) regulatory framework, which mandates that companies providing crypto-related services within the Philippines secure proper licenses and satisfy capital as well as operational requirements.
The SEC additionally cautioned that any individuals who promote the identified platforms within the Philippines could be subject to criminal prosecution under the Securities Regulation Code. According to Sections 28 and 73 of this legislation, those found in violation may receive fines as high as 5 million Philippine pesos (approximately $89,000) or face imprisonment for as long as 21 years, or receive both penalties.
This advisory underscores a wider transition toward more rigorous enforcement actions in the Philippines, where regulatory authorities have progressively escalated from issuing warnings to implementing access restrictions. Philippine regulators took action on Dec. 24, 2025, to block access to Coinbase and Gemini as components of their expanded crackdown targeting unlicensed CASPs.
Broader crackdown on unlicensed crypto operators
This most recent advisory arrives as regulatory authorities in the Philippines maintain their intensified enforcement campaign against cryptocurrency platforms that operate without obtaining local authorization.
During 2024, authorities took steps to restrict access to Binance following the expiration of a compliance deadline, with regulatory bodies also instructing app stores to delete the trading platform's application from devices belonging to users located in the country.
The enforcement campaign has subsequently broadened to encompass additional major platforms. During August 2025, the SEC released an advisory that identified 10 exchanges, among them OKX, Bybit, KuCoin and Kraken, for providing crypto services in the absence of registration, cautioning that their operations placed Filipino investors at significant risk.
Despite regulators' focus on unlicensed operators, compliant companies have maintained their momentum in launching crypto products. During 2025, PDAX established a partnership with Toku to facilitate stablecoin salary payouts, whereas digital bank GoTyme introduced crypto services in collaboration with Alpaca, providing users with the ability to buy and hold digital assets directly within its application.