Philippines SEC Warns Against dYdX and Six Other Unregistered Crypto Platforms

Gate News message, April 21 — The Philippine Securities and Exchange Commission (SEC) has warned the public against using dYdX and six other cryptocurrency platforms, stating they are not registered or authorized to solicit investments from local users. The warning aims to protect Filipino investors from potential financial harm associated with unregulated platforms.

Unregistered crypto platforms operate outside regulatory oversight, creating significant risks for investors. These include fraud, lack of accountability, insufficient fund security, and limited legal recourse. The SEC emphasized that investors should verify platform legitimacy before investing and that compliance with local regulations will become essential for platforms operating in the Philippines.