Philippine SEC: Seven Platforms Including dYdX Are Unauthorized, Promoters Could Face Up to 21 Years in Prison

Techub News reports that the Philippine Securities and Exchange Commission (SEC) issued an investor warning today against seven cryptocurrency trading platforms, including dYdX. Besides dYdX, the list also includes Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium.

The Philippine SEC noted that none of these platforms are registered with the Commission and have not obtained the necessary operating authorization or license to solicit investments under the country's Crypto Asset Service Provider (CASP) framework. The regulator emphasized that, according to the Philippine Securities Regulation Code, any individual or entity promoting, soliciting, or acting as an agent for these platforms locally may face criminal liability. Violators not only face hefty fines of up to 5 million Philippine pesos (approximately $89,000) but could also be subject to imprisonment of up to 21 years.