According to the Philippine SEC, seven crypto platforms including dYdX and Aevo are operating without authorization, exposing local users and promoters to potential legal and regulatory risks.
The Philippine Securities and Exchange Commission warned investors against using seven crypto platforms it said are operating without authorization in the country. In a Tuesday Facebook post, the regulator named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium as unregistered entities that also do not hold crypto asset service provider licenses. The SEC said the platforms are not authorized to solicit investments or offer services to the public in the Philippines. It also warned that individuals who promote these platforms locally could face penalties of up to 5 million Philippine pesos in fines or imprisonment of up to 21 years.