Philippine SEC Targets Unauthorized Crypto Platforms in Regulatory Crackdown

The Philippine Securities and Exchange Commission (SEC) has issued a formal investor alert against seven cryptocurrency trading platforms, warning the public against investing in entities not registered under the national regulatory framework. The flagged platforms—dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium—are accused of soliciting investments by promising returns, profits, or interest without holding the necessary licenses. This action is part of the SEC's Crypto-Asset Service Provider (CASP) framework, which mandates strict capital and operational requirements for firms offering crypto-related services within the country. The regulator has signaled a zero-tolerance approach toward unlicensed promoters, noting that individuals promoting these platforms could face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (approximately $89,000) and face prison terms of up to 21 years, or both. This move reflects a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from issuing warnings to implementing access restrictions. This latest advisory follows a series of aggressive enforcement actions. In late 2025, regulators blocked access to Coinbase and Gemini, while in 2024, authorities moved to block Binance and directed app stores to remove its application. Previous warnings in August 2025 also named major exchanges such as OKX, Bybit, KuCoin, and Kraken. While the crackdown targets unlicensed operators, the local ecosystem continues to evolve through compliant channels. Recent partnerships between PDAX and Toku for stablecoin payouts, as well as GoTyme's integration of crypto services via Alpaca, demonstrate a clear regulatory preference for licensed operators over global platforms bypassing local laws.