The Philippine Securities and Exchange Commission (SEC) warns the public against investing in seven cryptocurrency trading platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. These platforms are not registered with the SEC nor authorized under the Crypto Asset Service Provider (CASP) framework. The SEC cautions that individuals promoting these platforms in the Philippines may face criminal liability, with penalties of up to PHP 5 million (approximately USD 89,000) or up to 21 years in prison.
Philippine SEC Warns Against 7 Unregistered Crypto Platforms
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Summary
SEC news from the Philippines warns against seven unregistered crypto platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. These platforms are not registered under the country’s Crypto Asset Service Provider (CASP) framework. The SEC stated that promoting them could result in criminal liability, including fines of up to 5 million pesos or up to 21 years in prison.
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