Philippine SEC Issues Warning Against Unregistered Crypto Platforms

The Philippine Securities and Exchange Commission (SEC) has issued a warning to investors regarding seven cryptocurrency trading platforms, including dYdX. According to Foresight News, the platforms named in the warning are Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC highlighted that these platforms are not registered with the commission and lack the necessary authorization required under the Crypto Asset Service Provider (CASP) framework. The SEC cautioned that individuals promoting these platforms in the Philippines could face criminal charges, with penalties reaching up to 5 million Philippine pesos (approximately $89,000) or imprisonment for up to 21 years.