The Philippines SEC issues an investor warning, reminding the public not to invest in unregistered cryptocurrency trading platforms

The Securities and Exchange Commission (SEC) of the Philippines has issued an investor warning, reminding the public not to invest in seven cryptocurrency trading platforms including dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium.

The SEC stated that the aforementioned platforms are not registered with the commission and have not obtained the necessary authorization required under the cryptocurrency asset service provider (CASP) framework. At the same time, the SEC warned that individuals promoting these platforms within the Philippines may be held criminally liable, facing fines of up to 5,000,000 Philippine pesos (approximately 89,000 USD) or a maximum of 21 years in prison.