Philippines SEC Warns 8 Crypto Platforms Operating Illegally

The Philippines Securities and Exchange Commission issued warnings against eight cryptocurrency platforms on March 31 for soliciting Philippine investors without required licenses.

The SEC named Vest, Ostium, Deriv, Pacifica, Aevo, Orderly Network, dYdX, and gTrade as operating illegally in the country. None of these operators is registered as a corporation in the Philippines, according to the regulator's advisory. All allow Filipino residents to open accounts and trade digital assets and derivative instruments despite lacking authorization as Crypto Asset Service Providers under the framework that took effect July 5, 2025.

Anyone acting as a promoter or endorser for these platforms within the country could face criminal liability, the SEC warned. Maximum penalties include 21 years imprisonment and fines up to ₱5,348,091 ($88,000) for those marketing unregistered investment schemes to local investors.

The SEC said all entities offering digital asset services to local residents must now register with the commission. The eight platforms lack the necessary broker-dealer authority under Section 28 of the Securities Regulation Code and have no authorization to operate as Crypto Asset Service Providers.

The March 31 advisories mark the latest enforcement action since the Philippines implemented its crypto regulatory framework nine months earlier.

🇵🇭 Filipino Impact

Filipino crypto traders using these eight platforms risk losing all legal protections since the operators have no registered presence in the country and fall outside BSP's Virtual Asset Service Provider framework. Users of dYdX, Deriv, or any of the six other flagged platforms have zero regulatory recourse if something goes wrong, unlike BSP-licensed exchanges like PDAX and Coins.ph where investor protections apply.