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The Philippine Securities and Exchange Commission has warned the public against investing through dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments or offer crypto services in the country. The advisory named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium.
The warning adds to Manila’s campaign against offshore and decentralized crypto platforms that continue to reach local users without approval. The SEC said the named platforms appear to solicit investments from the public through crypto-related services promising returns, profits or interest.
The Advisory Targets Unauthorized Crypto Services
The SEC said the platforms are not registered with the regulator and do not hold the required approval under the country’s Crypto-Asset Service Provider framework. That framework requires firms offering crypto services to people in the Philippines to register, secure the proper licenses and meet capital and operating standards.
Local reports said the regulator’s records show the platforms are not registered as corporations or partnerships in the Philippines. Those reports also said the SEC flagged trading through connected crypto wallets, cryptoasset transactions and derivatives activity as services that may fall under local securities and crypto rules.
Local Promoters Face Legal Risk
The SEC warning does not stop at the platforms themselves. It also covers people who promote or enable access to them in the Philippines, including brokers, agents, recruiters, influencers and endorsers.
The regulator said violators could face criminal liability under the Securities Regulation Code. Penalties can include fines of up to 5 million Philippine pesos, imprisonment of up to 21 years, or both.
Manila Is Tightening Its CASP Perimeter
The latest advisory follows the SEC’s wider move to bring cryptoasset service providers under a formal domestic framework. The CASP rules require local registration, a physical office in the Philippines and at least 100 million Philippine pesos in paid-up capital, excluding crypto assets.
The dYdX warning follows a wider pattern of SEC action against offshore crypto platforms. Philippine regulators already moved against Binance in 2024 and warned in August 2025 about 10 other platforms, including OKX, Bybit, KuCoin and Kraken, for operating without local authorization.
For crypto platforms, the advisory sends a direct message. Serving Filipino users from offshore, or through decentralized trading infrastructure, does not remove the need to comply with the SEC’s registration and licensing rules.
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Fhumulani Lukoto
Cryptocurrency Journalist
Fhumulani Lukoto holds a Bachelors Degree in Journalism enabling her to become the writer she is today. Her passion for cryptocurrency and bitcoin started in 2021 when she began producing content in the space. A naturally inquisitive person, she dove head first into all things crypto to gain the huge wealth of knowledge she has today. Based out of Gauteng, South Africa, Fhumulani is a core member of the content team at Coin Insider.