Philippine SEC Warns Against dYdX, Crypto Platforms
Cointelegraph
The Philippine SEC has issued warnings against seven unauthorized cryptocurrency trading platforms, including dYdX, citing a lack of required local registration and licensing.Summary
The Philippine Securities and Exchange Commission (SEC) has formally warned investors against using dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The regulator states these platforms lack the necessary authorization under the country's crypto-asset service provider framework. Individuals promoting these unlicensed entities face severe legal risks, including fines of up to 5 million Philippine pesos and potential imprisonment for up to 21 years under the Securities Regulation Code. This action follows an ongoing crackdown on unlicensed crypto operators, including previous blockades against major exchanges like Binance, Coinbase, and Gemini.
(Source：Cointelegraph)