Philippine SEC flags dYdX and six crypto platforms for operating without licenses, warns of severe penalties.

The Philippine Securities and Exchange Commission (SEC) has issued a warning against dYdX and six other crypto platforms—Aevo, GTrade, Pacifica, Orderly, Deriv, and Ostium—for operating without proper registration or licenses in the country. These platforms violate the Crypto-Asset Service Provider Rules, exposing investors to risks like fraud with little legal protection. The SEC emphasized that violators, including promoters, face fines up to ₱5 million and imprisonment up to 21 years. This move is part of the SEC's broader effort to regulate the growing crypto market in the Philippines and protect investors from unregulated entities.