The Philippine Securities and Exchange Commission (SEC) has put seven crypto platforms on notice, warning investors they are operating in the country without authorization. In a Facebook post Tuesday, the regulator named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, saying its review shows the platforms “appear to be offering investments to the public” in exchange for promised returns, profits or interest.
None of the seven entities are registered with the SEC or approved under the Philippines’ crypto-asset service provider framework, which requires firms to secure licenses and meet capital and operational standards before offering services to local users. The commission also reminded the public that individuals promoting unregistered platforms could face prosecution under Sections 28 and 73 of the Securities Regulation Code — penalties include fines up to 5 million Philippine pesos (about $89,000), prison terms of up to 21 years, or both.
The latest advisory is consistent with a broader crackdown by Philippine authorities on offshore crypto services that operate without local approval. Regulators have moved beyond public warnings to technical and commercial blockades: Binance’s website was blocked nationwide after running afoul of compliance rules, and its app was later removed from Philippine app stores following SEC requests to Google and Apple in late 2024. By early 2026, users reported being unable to access Binance’s main site, encountering errors such as “Privacy Error” and “Site can’t be reached.” Coinbase and Gemini were also blocked on Dec. 24, 2025, as part of the same enforcement drive.
This pattern of enforcement goes back further: in August 2025 the SEC flagged OKX, Bybit, KuCoin and Kraken for offering services without registration, warning that unlicensed platforms expose local investors to significant risk.
At the same time, regulated domestic players have continued expanding compliant crypto services. Local exchange PDAX partnered with payments firm Toku in 2025 to enable stablecoin salary payouts, while digital bank GoTyme teamed up with Alpaca to let users buy and hold digital assets directly inside its app.
Across these moves, the SEC’s message has been consistent: licensed operators are the only safe route for Filipinos to access crypto services, and those who promote or use unregistered platforms do so at legal and financial peril.
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