Philippine SEC Flags 7 Crypto Trading Platforms as Unregistered

The Philippine Securities and Exchange Commission (SEC) has issued a public advisory warning investors against seven cryptocurrency trading platforms: dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The regulator said the platforms are neither registered with the SEC nor authorized to operate under the country's Crypto Asset Service Provider (CASP) framework. The SEC also warned that individuals in the Philippines who promote these platforms could face criminal liability, carrying penalties of up to PHP 5 million (about USD 89,000) or imprisonment of up to 21 years.