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The Philippine Securities and Exchange Commission (SEC) has issued a public warning against dYdX and six other crypto platforms, saying none of them are registered or licensed to operate in the country. The SEC said the platforms are offering investment opportunities to Filipino investors without complying with the Crypto-Asset Service Provider (CASP) Rules.
In an advisory released this week, the SEC listed dYdX alongside Aevo, GTrade, Pacifica, Orderly, Deriv, and Ostium as unauthorized entities. The commission said these platforms are operating without the required registration and licenses under the CASP Rules.
The SEC warned that investors who put money into these platforms face potential fraud risk and that there may be limited legal protection if losses occur.
Under the CASP Rules, any entity offering crypto services in the Philippines must register with the SEC and obtain the proper licenses. The SEC emphasized that violations carry serious consequences, including:
The SEC also warned that the enforcement risk extends beyond the platforms themselves. It said individuals and entities acting as intermediaries or facilitators—such as those promoting or helping funnel Filipino investors toward the flagged platforms—could face criminal charges under the Securities Regulation Code.
The SEC urged the public to check the registration status of any crypto platform before investing. It said its Enforcement and Investor Protection Department accepts reports about suspicious investment schemes, and that due diligence is important when dealing with crypto services operating in or targeting the Philippines.
The SEC did not specify how it identified the seven platforms as operating without authorization, nor whether any Filipino investors have already lost money through these services.
For dYdX, the SEC noted that the platform operates as a decentralized exchange focused on derivatives trading. The commission’s position, however, is that decentralization does not exempt platforms from Philippine securities laws when they offer services to Filipino investors.
The other platforms named in the advisory—Aevo, GTrade, Pacifica, Orderly, Deriv, and Ostium—are described as offering different types of crypto services, including derivatives, spot trading, or lending. The common issue cited by the SEC is the lack of SEC registration in the Philippines.
The SEC said compliance with the CASP Rules involves more than paperwork, including capital requirements, anti-money laundering controls, and ongoing regulatory oversight.
The advisory did not provide guidance on what existing users should do, such as whether they should withdraw funds or stop new deposits. The SEC’s public focus, as reflected in the advisory, is on preventing new investments in unregistered platforms.
The SEC said the penalties referenced in the advisory apply under the Securities Regulation Code, which governs securities offerings in the Philippines. It stated that the maximum penalties available under the law include a ₱5,000,000 fine and up to 21 years of imprisonment.
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