Key Takeaways
- • The Philippine Securities and Exchange Commission (SEC) issued a public investor alert on April 21, 2026, warning against seven cryptocurrency platforms—dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium—for operating without required registration or licenses in the country.
- • All seven platforms lack authorization under the Philippines' Crypto-Asset Service Provider (CASP) framework, which mandates financial capitalization requirements, transparency obligations, and consumer protection standards for entities offering digital asset trading and custody services.
- • The SEC determined that these platforms are offering investment opportunities promising returns, profits, or interest without complying with Philippine securities laws, constituting potential violations of the Securities Regulation Code.
- • Individuals promoting these unlicensed platforms face criminal penalties of up to 5 million Philippine pesos (approximately $89,000) in fines, imprisonment up to 21 years, or both, under Sections 28 and 73 of the Securities Regulation Code.
- • This advisory reflects an escalating enforcement pattern by Philippine regulators; prior crackdowns in 2024–2025 targeted major platforms including Binance, Coinbase, Gemini, OKX, Bybit, KuCoin, and Kraken for operating without local authorization.
Summary
The Philippine Securities and Exchange Commission issued a formal public investor warning against seven online trading platforms allegedly operating without required authorization or licensing. In a statement released via its official Facebook page, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium as entities not registered with the Commission and unauthorized to solicit investments from Philippine residents. The regulatory action reflects intensifying enforcement against unlicensed cryptocurrency service providers in the country.
According to the SEC's review, these platforms appear to be offering investment products that promise returns, profits, or interest to the public. Under Philippine law, any entity engaging in such activities must first register with the Commission and comply with rules governing the offering of securities or investment contracts. Critically, none of the named platforms have obtained licenses required under the country's Crypto-Asset Service Provider (CASP) framework, a regulatory structure introduced to standardize operations within the digital asset sector. The CASP framework establishes mandatory standards including capitalization requirements, transparency obligations, and consumer protection safeguards designed to reduce fraud and protect investors from excessive risk exposure.
The SEC emphasized that unlicensed platforms expose Filipino investors to fraud, manipulation, and significant losses, particularly during volatile market periods. To strengthen enforcement, the Commission warned that individuals actively promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Violators could face fines up to 5 million Philippine pesos (approximately $89,000), imprisonment up to 21 years, or both sanctions combined.
This advisory represents part of a broader regulatory tightening by Philippine authorities. In December 2025, regulators blocked Coinbase and Gemini; in 2024, they directed app store removals of Binance following a compliance deadline expiration. In August 2025, the SEC issued a separate advisory naming ten exchanges—including OKX, Bybit, KuCoin, and Kraken—for operating without registration. The escalating crackdown signals the Philippines' pivot from warnings toward active access restrictions and enforcement measures targeting unlicensed cryptocurrency platforms.
According to the SEC's review, these platforms appear to be offering investment products that promise returns, profits, or interest to the public. Under Philippine law, any entity engaging in such activities must first register with the Commission and comply with rules governing the offering of securities or investment contracts. Critically, none of the named platforms have obtained licenses required under the country's Crypto-Asset Service Provider (CASP) framework, a regulatory structure introduced to standardize operations within the digital asset sector. The CASP framework establishes mandatory standards including capitalization requirements, transparency obligations, and consumer protection safeguards designed to reduce fraud and protect investors from excessive risk exposure.
The SEC emphasized that unlicensed platforms expose Filipino investors to fraud, manipulation, and significant losses, particularly during volatile market periods. To strengthen enforcement, the Commission warned that individuals actively promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Violators could face fines up to 5 million Philippine pesos (approximately $89,000), imprisonment up to 21 years, or both sanctions combined.
This advisory represents part of a broader regulatory tightening by Philippine authorities. In December 2025, regulators blocked Coinbase and Gemini; in 2024, they directed app store removals of Binance following a compliance deadline expiration. In August 2025, the SEC issued a separate advisory naming ten exchanges—including OKX, Bybit, KuCoin, and Kraken—for operating without registration. The escalating crackdown signals the Philippines' pivot from warnings toward active access restrictions and enforcement measures targeting unlicensed cryptocurrency platforms.
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