The Philippine Securities and Exchange Commission (SEC) has launched a major crackdown on the digital asset market. The regulator has officially declared the activities of seven international cryptocurrency platforms illegal, warning their management and local promoters of a real threat of criminal prosecution.
According to the SEC, the following projects have been placed on the "blacklist": dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium . In the SEC's view, all of them are operating in the country without registration and the necessary licenses, which is a direct violation of the Securities Regulation Code .
The primary violation is the illegal solicitation of investments from Filipino traders. The SEC emphasizes that the listed platforms do not have the right to offer their services to the country's citizens and residents, as they have not obtained the status of a registered corporation or a license to trade securities or manage investment contracts .
"These organizations are not authorized to create, promote, or sell any securities in the Philippines. Traders using these services do so at their own risk," the Commission stated .
Sanctions
The sanctions outlined in the SEC warning are both financial and criminal in nature. Depending on the severity of the violation, offenders face:
· Monetary Fine - Up to 5 million Philippine pesos (equivalent to approximately $89,000 USD or €82,000 EUR) .
· Imprisonment - Up to 21 years .
Systematic Fight Against Crypto Business
The current warnings are not an isolated action but part of a long-term strategy by the Philippine regulator. The SEC has previously blocked access to major global exchanges like Coinbase and Gemini .
Furthermore, the agency has previously issued formal charges of illegal activity against giants such as OKX, Bybit, KuCoin, and Kraken . Authorities consistently require all crypto companies to undergo registration procedures to ensure the protection of local investors' rights and to prevent money laundering .
For Filipino users, the current situation means a high risk of losing funds without the possibility of legal recourse. The SEC urges citizens to refrain from investing through the mentioned platforms and to verify the license of any crypto service through the Commission's official website before depositing funds .
The regulator also warned that it will seek to block the domains and IP addresses of violators at the level of national providers to restrict access to illegal services .
Based on materials from the official statement of the Philippine Securities and Exchange Commission (SEC).