Philippine SEC Warns against Eight Unregistered Crypto Trading Platforms, Urges Investors of Risks

Manila, Philippines – The Securities and Exchange Commission (SEC) of the Philippines has issued advisories against eight cryptocurrency trading platforms operating without proper registration, urging the public to avoid investing in them to prevent financial losses and legal issues.

The flagged platforms—Aevo, gTrade, Pacifica, dYdX, Orderly, Deriv, Ostium, and Vest—are not authorized under the SEC’s Crypto Asset Service Provider (CASP) framework, which took effect in July 2025.3[5] These entities allegedly solicit investments from Filipinos by promising returns, profits, or interest payments, in violation of the Securities Regulation Code.

Platforms Lacking Regulatory Approval

None have registered as stock corporations, met the ₱100 million minimum capital requirement, or obtained CASP licenses, exposing users to fraud, market manipulation, and lack of recourse.

Strict Penalties for Promoters and Users

The SEC emphasized that individuals promoting these platforms via social media or other channels in the Philippines could face criminal charges. Penalties under Section 28 of the Securities Regulation Code include fines up to ₱5 million (about $89,000) and imprisonment for up to 21 years, or both.

“These platforms cannot guarantee investor protection,” the SEC stated in its warnings, highlighting the absence of legal safeguards.

Broader Regulatory Crackdown

This action aligns with the Philippines’ ongoing efforts to regulate the crypto sector amid rising adoption.3 The CASP framework mandates compliance for all crypto service providers targeting local users. Investors are advised to verify registrations via the SEC’s website and report suspicious activities to its Enforcement and Investor Protection Department.

As decentralized finance (DeFi) platforms gain popularity, the SEC’s moves signal heightened scrutiny on unlicensed operators, prioritizing consumer safety in a volatile market.

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