The Philippines Securities and Exchange Commission (SEC) has issued advisories against eight unregistered cryptocurrency trading platforms for soliciting investments without the necessary licenses.

Issued on 31 March 2026, the warnings cover Vest, Ostium, Deriv, Pacifica, Aevo, Orderly Network, dYdX, and gTrade.

The regulator stated that these illegal crypto platforms allow investors in the Philippines to open accounts and trade digital assets and derivative instruments.

However, the SEC noted that none of the eight operators is a registered corporation in the country. They also lack the authority to act as brokers or dealers under Section 28 of the Securities Regulation Code.

Furthermore, the platforms have not secured authorisation as Crypto Asset Service Providers.

All entities offering digital asset services to local residents must now register with the commission. This requirement is part of a regulatory framework that took effect on 05 July 2025.

The rules aim to protect the public from fraud and financial losses.

The SEC warned that anyone acting as a promoter or endorser for these platforms within the country could face criminal liability. Penalties include fines of up to PHP 5 million or up to 21 years of imprisonment.

Featured image: Edited by Fintech News Philippines based on an image by baddesinger5 via Freepik.