Promoters of flagged platforms may face fines of up to 5 million Philippine pesos ($89,000) or up to 21 years in prison under Philippine securities law.
The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.
In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, stating that based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest.
The regulator said none of the listed entities are registered with the Commission or hold the required authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain licenses and meet capital and operational requirements.
