ChainCatcher report: The Philippine Securities and Exchange Commission (SEC) has issued an investor warning advising the public not to invest in seven cryptocurrency trading platforms—dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC stated that these platforms are not registered with the Commission and have not obtained the necessary authorization under the Crypto Asset Service Provider (CASP) framework. Additionally, the SEC warned that individuals promoting these platforms within the Philippines may face criminal liability, with penalties of up to PHP 5,000,000 (approximately $89,000) in fines or up to 21 years in imprisonment.
Philippine SEC Warns Against Unregistered Crypto Exchanges
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Summary
The Philippine SEC issued an alert targeting seven unregistered crypto exchanges, including dYdX, Aevo, and gTrade, citing non-compliance with the CFT and crypto market regulations. These platforms have not registered under the CASP framework, exposing users to legal and financial risks. The SEC emphasized that promoting these services in the country may result in criminal charges, including fines of up to PHP 5,000,000 or imprisonment of up to 21 years. This action underscores ongoing efforts to strengthen oversight in liquidity and crypto markets.
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