Philippines: dYdX among 7 ‘crypto’ platforms flagged by SEC

The Philippine Securities and Exchange Commission (SEC) has issued an investor alert against dYdX and six other digital asset trading platforms—AEVO, GTrade, Pacifica, Orderly, Deriv, and Ostium—warning the public that these platforms are unregistered and unauthorized to solicit investments in the country.

The SEC said that the seven digital asset trading platforms appear to offer the promise of returns, profits, or interest to Filipinos. However, they disclosed that none of them are registered with the Commission or have the required authorization under its crypto-asset service provider (CASP) framework.

Source: Philippine SEC Facebook Page

“The SEC Rules on Crypto-Asset Service Providers (CASP Rules) require all entities, whether local or foreign, offering crypto-asset services to persons in the Philippines to register with the Commission and obtain the appropriate licenses before offering such services,” the SEC’s advisory on the dYdX platform read.

The SEC also warned that entities and individuals promoting any of the listed digital asset trading platforms in the country may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators may be fined up to PHP5 million (US$89,000) or face imprisonment of up to 21 years, or both.

The regulator reminds everyone to report such investment schemes to the Enforcement and Investor Protection Department (EIPD) and to verify if the platforms they are transacting with are registered with the SEC via its SEC Check App on Apple App Store or Google Play Store or via checkwithsec.sec.gov.ph

The Philippines adopting stricter regulation enforcement in digital currencies

The advisory points to a larger trend of heightened enforcement in the Philippines, as regulators transition from simply issuing warnings to imposing access limitations.

On December 24, 2025, the authorities in the country shut down access to Coinbase (NASDAQ: COIN) and Gemini as part of their intensified campaign against unlicensed CASPs. Local Internet services providers (ISPs) began blocking the said platforms following an order from the National Telecommunications Commission (NTC), which called the providers to restrict access to 50 online trading platforms flagged by the central bank, Bangko Sentral ng Pilipinas (BSP).

In August 2025, telco companies PLDT and its wireless subsidiary Smart Communications restricted access to 10 digital currency exchanges—OKX, Bybit, MEXC, Kucoin, Bitget, Phemex, Coinex, Bitmart, Poloniex, and Kraken—in the country following a directive from the SEC.

“These platforms have no license, registration, or authorization from the SEC to operate in the Philippines or to solicit investments from the public,” the agency said. “Their actions are unauthorized and expose Filipino investors to significant risk, including: a) Total loss of funds b) No legal recourse c) Exposure to fraud, market manipulation, and identity theft.”

In the same year, in October, the Philippines House of Representatives officially recorded the filing of House Bill No. 4792, authored by Caloocan 2nd District Rep. Edgar “Egay” Erice. The bill proposed the creation of the National Council on Digital Assets and Tokenized Investments (NCDATI), which aims to protect Filipinos, introduce rules for responsible digital currency adoption, safeguard investors, and allow the voluntary use of digital currency and stablecoins for payments.

“Regulation is about ensuring that the future of money serves the many, not just the few. It is about building a system where trust is stronger than fear, and where innovation uplifts rather than exploits,” Erice said.

“This bill simply expands consumer choice, allowing payments in stablecoins or crypto at stores, online, and even for government services, with receipts always in peso equivalents. Importantly, adoption is voluntary. No one is forced to use crypto, but every Filipino gains the freedom to choose.”

House Bill 4792 outlines regulations in real-world asset (RWA) tokenization; responsible digital currency adoption; stablecoin utilization with clear policies for the use of peso-backed or foreign stablecoins; development of both local and foreign exchanges; promotion of DeFi in a regulated manner; retail acceptance of digital currency payments in everyday transactions; citizen participation in policymaking; and investor protections.

Watch: What’s ahead for crypto regulation? Highlights from Blockchain Futurist Conference 2025