Philippines SEC warns against unregistered crypto platforms including dYdX, threatening fines and prison for promoters

The Philippine Securities and Exchange Commission (SEC) has issued a warning against dYdX and six other crypto platforms, stating they are not authorized to solicit investments in the country. These platforms, including Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, are not registered under the SEC's crypto-asset service provider framework, which requires licensing and compliance with capital and operational rules. Promoters of these platforms in the Philippines face fines up to 5 million pesos or up to 21 years in prison under the Securities Regulation Code. This move is part of a broader crackdown on unlicensed crypto operators, with recent actions including blocking Coinbase, Gemini, and Binance in the country. Meanwhile, licensed firms continue to expand crypto services legally.