Key Takeaways
- • The Philippine Securities and Exchange Commission (SEC) issued a public advisory on April 30, 2026, flagging seven unregistered crypto trading platforms—dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium—as unauthorized to solicit investments in the country.
- • dYdX and the six other platforms are not registered with the Philippine SEC and lack the required licenses under the country's Crypto-Asset Service Provider (CASP) framework, which mandates registration and capital/operational requirements for all entities offering crypto services locally.
- • Individuals promoting any of the flagged platforms in the Philippines face criminal liability under the Securities Regulation Code, with penalties of up to 5 million Philippine pesos (approximately $89,000) and imprisonment up to 21 years, or both.
- • The advisory reflects an escalating regulatory enforcement trend in the Philippines; regulators previously blocked access to Coinbase and Gemini on December 24, 2025, and have restricted Binance since 2024, directing app store removals and access restrictions.
- • Users of unregistered platforms face heightened risks including exposure to fraud, lack of legal recourse in disputes, and potential loss of funds without regulatory protection.
Summary
The Philippine Securities and Exchange Commission issued a formal public investor alert on April 30, 2026, naming dYdX and six other cryptocurrency trading platforms as unauthorized operators within Philippine jurisdiction. The flagged entities—dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium—are actively offering investment opportunities to Philippine residents in exchange for promised returns, profits, or interest payments, yet none hold the requisite registration or licensing under the SEC's regulatory framework.
The SEC's enforcement action is grounded in regulatory requirements established under the country's Crypto-Asset Service Provider (CASP) Rules. According to the Commission's findings, dYdX specifically is neither registered as a corporation, partnership, nor one-person corporation in the Philippines and does not possess the necessary license or authority to offer, sell, or distribute securities to the public, or to operate as a broker or dealer in securities under Section 28 of the Securities Regulation Code (SRC). All entities offering crypto-related services to Philippine investors are mandated to register with the Commission and secure appropriate licenses, meeting specified capital and operational requirements.
The advisory carries significant legal consequences for promoters and enablers. Anyone acting as a salesman, broker, dealer, agent, promoter, recruiter, influencer, endorser, or enabler of these platforms in the Philippines—online or otherwise—may face criminal liability under Sections 28 and 73 of the Securities Regulation Code. Violators face potential fines up to 5 million Philippine pesos (approximately $89,000) and imprisonment for up to 21 years, or both penalties combined.
This enforcement action reflects an intensifying regulatory posture in the Philippines. The SEC previously blocked access to major platforms including Coinbase and Gemini on December 24, 2025, and has maintained restrictions on Binance since 2024, directing app store removals from users' devices. The escalating crackdown signals the regulator's commitment to restricting unlicensed crypto operations and protecting retail investors from exposure to fraud and unregulated investment schemes lacking legal recourse mechanisms.
The SEC's enforcement action is grounded in regulatory requirements established under the country's Crypto-Asset Service Provider (CASP) Rules. According to the Commission's findings, dYdX specifically is neither registered as a corporation, partnership, nor one-person corporation in the Philippines and does not possess the necessary license or authority to offer, sell, or distribute securities to the public, or to operate as a broker or dealer in securities under Section 28 of the Securities Regulation Code (SRC). All entities offering crypto-related services to Philippine investors are mandated to register with the Commission and secure appropriate licenses, meeting specified capital and operational requirements.
The advisory carries significant legal consequences for promoters and enablers. Anyone acting as a salesman, broker, dealer, agent, promoter, recruiter, influencer, endorser, or enabler of these platforms in the Philippines—online or otherwise—may face criminal liability under Sections 28 and 73 of the Securities Regulation Code. Violators face potential fines up to 5 million Philippine pesos (approximately $89,000) and imprisonment for up to 21 years, or both penalties combined.
This enforcement action reflects an intensifying regulatory posture in the Philippines. The SEC previously blocked access to major platforms including Coinbase and Gemini on December 24, 2025, and has maintained restrictions on Binance since 2024, directing app store removals from users' devices. The escalating crackdown signals the regulator's commitment to restricting unlicensed crypto operations and protecting retail investors from exposure to fraud and unregulated investment schemes lacking legal recourse mechanisms.
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