Philippine SEC flags dYdX, six others over unlicensed crypto activity

The Philippine SEC has warned investors against using dYdX and six other crypto platforms, saying they are operating without authorization in the country.

According to a Tuesday post on Facebook, the Philippine Securities and Exchange Commission named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, stating that its review found the platforms “appear to be offering investments to the public” in exchange for “promised returns, profits or interest.”

None of the entities are registered with the Commission or hold approval under the country’s crypto-asset service provider framework, which requires firms to secure licenses and meet capital and operational standards before offering services locally.

Regulators also cautioned that individuals promoting these platforms could face legal consequences. Under Sections 28 and 73 of the Securities Regulation Code, violators risk fines of up to 5 million Philippine pesos, about $89,000, or imprisonment of up to 21 years, or both.

Recent action adds to a pattern of stricter enforcement that has moved beyond warnings into blocking access to non-compliant platforms.

Philippine authorities had already taken steps against major exchanges in earlier cases. Binance, for instance, saw its website blocked nationwide after failing to meet compliance requirements, while its app was later removed from local app stores following requests sent by the SEC to Google and Apple in late 2024. By early 2026, users in the country were no longer able to access the exchange’s main site, with reports of error messages such as “Privacy Error” and “Site can’t be reached.”

Other platforms have faced similar treatment. Coinbase and Gemini were blocked on Dec. 24, 2025, as part of the same enforcement push targeting unlicensed operators.

Regulatory pressure has extended across multiple firms. In August 2025, the SEC flagged another group of exchanges, including OKX, Bybit, KuCoin, and Kraken, for offering services without registration, warning that such activity exposed local investors to risk.

Licensed players continue to expand offerings

While enforcement has tightened against offshore platforms, companies operating within the regulatory framework have continued to roll out new services.

Local exchange PDAX partnered with Toku in 2025 to enable stablecoin salary payouts, offering a compliant route for crypto-based payments. Digital bank GoTyme also entered the space through a tie-up with Alpaca, allowing users to buy and hold digital assets directly within its app.

Regulators have kept the message consistent across these developments, drawing a clear line between licensed operators and those offering services without approval.