The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert cautioning Filipinos against investing in dYdX and six other crypto trading platforms. The regulator stated that these platforms are not registered or authorized to solicit investments in the country, raising concerns about investor protection and regulatory compliance.

In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, asserting that, based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest. The commission emphasized that none of the listed entities are registered or authorized under the Philippines’ crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services to obtain licenses and meet capital and operational requirements.

The SEC warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.

The advisory underscores a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. As part of this trend, regulators blocked access to Coinbase and Gemini on December 24, 2025, as part of their broader crackdown on unlicensed CASPs. This moment marked a significant escalation in the country’s approach to crypto-market oversight.

Key takeaways

• The SEC warns that dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium are not registered or authorized to solicit investments in the Philippines.
• Compliance with the CASP framework is mandatory for firms offering crypto-related services, including licensing and meeting capital and operational requirements.
• Violations carry potential criminal penalties under the Securities Regulation Code, including fines up to PHP 5 million and imprisonment up to 21 years.
• The case reflects a broader enforcement shift within the Philippines, moving from advisory warnings to direct access restrictions on unlicensed platforms.
• Regulatory tension in the region continues to shape the operating environment for both unregistered operators and licensed players seeking to serve Filipino investors.

Regulatory framework and CASP licensing in the Philippines

The SEC’s CASP framework regulates entities that provide crypto-asset services within the Philippines. Under this regime, platforms must secure the appropriate licenses and satisfy capital adequacy, governance, and operational standards before offering services to the public. The current advisory reiterates that the listed platforms have not demonstrated compliance with these requirements, creating a clear risk posture for investors who engage with them. The Securities Regulation Code, particularly Sections 28 and 73, governs the liability of individuals and entities that promote or solicit investments in unregistered offerings, reinforcing the bounds of permissible activity for crypto platforms in the country.

In this context, the Philippine authorities have signaled a tightening of enforcement that aligns with global regulatory intent to reduce unregistered or non-compliant crypto operations. The SEC’s release also underscores the need for rigorous vetting by market participants and third-party promoters to ensure that offerings meet local legal and prudential standards before presenting them to Filipino residents.

Enforcement actions and investor protection concerns

The advisory comes amid an active enforcement posture designed to safeguard investors from unregistered and potentially risky platforms. By warning promoters of criminal liability and detailing possible penalties, the SEC aims to deter both direct solicitations and ancillary marketing that could mislead the public into engaging with non-compliant services. The regulatory approach reflects a preference for robust licensing and oversight to mitigate systemic risks associated with crypto trading and investment schemes lacking proper registration.

The Philippines’ enforcement trajectory has included high-profile actions targeting unlicensed platforms. In 2024, regulators moved to block access to Binance after a compliance deadline expired and directed app stores to remove the trading platform’s mobile app from local devices. The pattern continued into 2025, with further advisories naming major exchanges such as OKX, Bybit, KuCoin and Kraken for offering crypto services without registration. These measures illustrate the authorities’ willingness to restrict access and sanction non-compliant operators, reinforcing the importance of licensing as a prerequisite for market participation.

For legitimate players, the landscape remains one of continued growth within a regulated framework. Examples include PDAX’s partnership with Toku to enable stablecoin salary payouts, and GoTyme Bank’s digital banking initiative that expanded into crypto services with Alpaca, signaling a bifurcated market where compliant firms can innovate under regulatory supervision while unregistered platforms face increasing scrutiny and enforcement risk.

According to Cointelegraph, regulators have broadened the crackdown to encompass unlicensed virtual-asset service providers and established crypto exchanges, underscoring a pervasive policy shift toward greater accountability and consumer protection in crypto markets.

Broader policy context and international implications

The Philippines’ enhanced enforcement stack sits within a broader global push to codify crypto-asset activities through licensing, reserve capital requirements, and transparent operations. While the specifics of each jurisdiction differ, the trend toward stricter control—especially over platforms that solicit investments or promise returns—has become a common feature of regulatory narratives in many markets. In this environment, policymakers are balancing innovation with investor protection, financial stability, and anti-money-laundering (AML) objectives.

From a policy and market-structure perspective, the Philippines’ actions may influence cross-border service models and partner ecosystems. For institutions operating in or contemplating entry into the Philippine market, the CASP licensing regime creates a clear compliance highway: robust governance, capital adequacy, and ongoing regulatory reporting. As global standards evolve, the Philippine approach also interacts with broader conversations around licensing equivalence, cross-border enforcement cooperation, and the alignment of local rules with regional and international AML/KYC norms, as well as potential synergies or frictions with frameworks such as MiCA in the European Union.

For investors and corporate users, the evolving landscape emphasizes due diligence and validation of licensure status, functional licensing, and the governance posture of entities offering crypto-related services in the Philippines. It also highlights the importance of internal compliance programs, risk assessments, and clear communication channels to ensure alignment with local securities laws and crypto-asset regulations.

Closing perspective: the SEC’s public advisory marks a continuing phase of regulatory consolidation in the Philippines, with further guidance and potential licensing clarifications likely to follow as authorities refine the CASP regime and solidify enforcement norms. Market participants should monitor forthcoming regulatory filings and policy updates to anticipate changes in licensing criteria, enforcement timing, and permissible product offerings.

Key takeaways

• DOGE is up 1% and is now trading at $0.095.
• The memecoin could rally towards the $0.10 psychological level in the near term.

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are all displaying signs of renewed strength on Tuesday, as bullish technical setups emerge across major meme coins. 

DOGE and SHIB are testing key resistance zones, with a close above these levels potentially signaling further upside. Meanwhile, PEPE continues its recovery, finding support near the crucial 50-day Exponential Moving Average (EMA), setting the stage for a potential rally continuation.

Derivatives data support a bullish outlook for Dogecoin

Dogecoin is up 1% in the last 24 hours and could rally higher in the near term amid a bullish outlook from the broader crypto market.

Bitcoin has reclaimed the $76,000 level, while Ether is now trading above the $2,300 mark once again.

Meanwhile, Dogecoin is looking to embark on a breakout above the $0.10 psychological level if the bullish trend persists.

Dogecoin’s derivatives data suggests that the bulls are currently in control of the market. The futures Open Interest (OI) now reads $1.23 billion, up from the $986 million recorded on Monday. 

The increase in OI suggests that retail traders are opening more positions in anticipation of a bullish move by Dogecoin. 

Dogecoin could extend gains with a close above the 50-Day EMA

Similar to other leading cryptocurrencies, the DOGE/USD 4-hour chart remains bearish and efficient. It has surpassed the 50-day EMA at $0.95 following its 2.4% rally on Monday. 

DOgecoin been consolidating beneath this resistance for over a month and briefly broke above it last week, but struggled to maintain support.

If DOGE closes its daily candle above the $0.095 level and holds, the altcoin could extend its rally toward the 100-day EMA at $0.105. 

The Relative Strength Index (RSI) on the daily chart is at 52, above the neutral level of 50, signaling weakening bearish momentum. Furthermore, the Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, reinforcing the positive outlook.

On the downside, if DOGE fails to hold above the 50-day EMA, it could face a potential correction, bringing the price back toward the February 6 low of $0.080.

Shipowners are receiving fraudulent messages asking for crypto payments in exchange for safe passage across the Strait of Hormuz, and at least one may have been taken in, Reuters reported Tuesday.

Marisks, a Greek maritime risk services company, issued a warning saying several shipping companies had received messages from scammers posing as Iranian authorities and asking for bitcoin or USDT. The firm said it believed at least one ship fell victim to the scam and was fired upon while trying to pass through the strait over the weekend, Reuters said.

Shipping traffic through the strait has largely been blocked by Iran since Feb. 28, when the U.S. and Israel initiated a war on the Middle East country. According to Reuters, there are roughly 20,000 oil tankers and other freighters stranded in the Gulf.

A week ago, U.S. President Donald Trump ordered a naval blockade of the Strait of Hormuz and has since seized one Iranian vessel trying to evade the operation.

On April 9, Tehran, ⁠which controls the chokepoint, proposed crypto tolls on vessels in exchange for safe transit. Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said the crypto fees would likely be charged in bitcoin.

Marisks issued its alert on Monday. Iran has not made any comment, Reuters added.

“These specific messages are a scam,” Marisks said, assuring the messages did not come from official Iranian sources.

“After providing the documents and assessing your eligibility by the Iranian Security Services, we will be able to determine the fee to be ⁠paid in ​cryptocurrency (BTC or USDT). Only then will your ​vessel be able to transit the strait unimpeded at the pre-agreed time,” said the fraudulent message cited ​by Marisks, according to Reuters.

The shipping company did not immediately respond to a CoinDesk request for comment.

The Philippine Securities and Exchange Commission (SEC) has issued a public investor alert warning Filipinos not to invest in dYdX and six other crypto trading platforms, saying they are not registered or authorized to solicit investments in the country.

In a Facebook post on Tuesday, the SEC named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium, stating that based on its findings, the platforms appear to be offering investments to the public in exchange for promised returns, profits or interest. 

The regulator said none of the listed entities are registered with the Commission or hold the required authorization under its crypto-asset service provider (CASP) framework, which requires firms offering crypto-related services in the Philippines to obtain licenses and meet capital and operational requirements.

The SEC also warned that individuals promoting any of the listed platforms in the Philippines may face criminal liability under the Securities Regulation Code. Under Sections 28 and 73 of the law, violators could be fined up to 5 million Philippine pesos (about $89,000) or imprisoned for up to 21 years, or both.

The advisory highlights a broader shift toward stricter enforcement in the Philippines, where regulators have increasingly moved from warnings to access restrictions. On Dec. 24, 2025, Philippine regulators blocked Coinbase and Gemini as part of their broader crackdown on unlicensed CASPs. 

Broader crackdown on unlicensed crypto operators

The latest advisory comes as Philippine regulators continue to step up enforcement against crypto platforms operating without local authorization.

In 2024, authorities moved to block access to Binance after a compliance deadline expired, with regulators also directing app stores to remove the trading platform’s app from users’ devices in the country. 

Related: Cambodian lawmakers propose severe prison time for crypto scammers

The crackdown has since expanded to include other major platforms. In August 2025, the SEC issued an advisory naming 10 exchanges, including OKX, Bybit, KuCoin and Kraken, for offering crypto services without registration, warning that their activities exposed Filipino investors to risks. 

While regulators have targeted unlicensed operators, compliant firms have continued rolling out crypto products. In 2025, PDAX partnered with Toku to enable stablecoin salary payouts, while digital bank GoTyme launched crypto services with Alpaca, allowing users to buy and hold digital assets within its app.

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