The Philippine Securities Exchange Commission (SEC) has warned investors against utilizing dYdX and six other cryptocurrency platforms, mentioning that they are operating without Philippine authorization.
Key Takeaways
- SEC has warned investors against dYdX and six other crypto platforms for illegal operations.
- The platforms appear to offer investments promising returns. Promoters face fines of up to PhP 5 million or up to 21 years in prison.
- Authorities have tightened as regulators move to block access, while licensed firms continue launching compliant crypto services.
The Philippine SEC has named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, stating that its review found that the crypto platforms “appear to be offering investments to the public” in exchange for “promised returns, profits or interest.”
None of the platforms are registered with the SEC or hold approval under the country’s crypto-asset service provider framework. The framework requires firms to secure licenses and fulfill capital and operational standards before they can offer services in the country.
Regulators also warned that individuals promoting these platforms could face legal repercussions.
Enforcement Tightens as Access Restrictions Increase
Recent government action expands a pattern of stricter law enforcement that has moved beyond warnings to blocking access of non-compliant platforms.
Philippine authorities have already taken steps against major cryptocurrency exchanges. Binance, for example, saw its website blocked nationwide after failing to meet compliance requirements. Its app was later removed from local application stores following SEC requests sent in late 2024. By early 2026, users in the country were no longer able to access the exchange’s main website.
Other platforms have faced similar consequences. Coinbase and Gemini were blocked on December 24, 2025, as part of the same enforcement targeting unlicensed operators.
Licensed Companies Continue to Expand Services
While authorities have tightened against offshore platforms, companies operating within the regulatory framework have continued to offer new services.
PDAX partnered with Toku in 2025 to enable stablecoin salary payouts, offering crypto-based payments. Digital bank GoTyme tied up with Alpaca to allow users to buy and hold digital assets directly within its app.
Regulators have kept the message consistent, drawing a line between licensed operators and those offering services without approval.
