The Securities and Exchange Commission (SEC) on Tuesday flagged eight crypto-asset trading platforms for operating without the required licenses and registration in the Philippines, warning investors of the risks of using unregulated services. The advisory names Ostium, Deriv, Orderly, dYdX, Pacifica, gTrade, Aevo, and Vest as entities that have failed to comply with local regulations.

According to the SEC, the platforms are not registered as corporations in the Philippines and are not authorized to act as securities brokers or dealers. They also do not meet the requirements under the country’s Crypto-Asset Service Provider (CASP) framework, which took effect in July 2025. The Commission emphasized that any platform offering services to Filipino users must secure proper authorization regardless of where it is based.

“The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities,” the SEC said, stressing that unlicensed platforms expose users to significant risks, including loss of funds without legal recourse in cases of fraud, system failure, or cyberattacks.

This advisory comes as part of the SEC’s broader enforcement of the CASP framework, which established a formal regulatory regime for crypto-related activities in the country. Under the rules, crypto-assets are treated as financial products, and any entity facilitating trading, intermediation, or public offerings must register locally and meet strict capital, disclosure, and operational standards.

These requirements include a minimum paid-up capital of ₱100 million, the establishment of a physical office in the Philippines, and the implementation of safeguards such as client asset segregation, cybersecurity systems, and transparent risk disclosures. The framework also mandates ongoing reporting and grants the SEC full oversight powers, including inspection and enforcement authority.

The rules apply even to foreign platforms that market or make their services accessible to Philippine users, closing a longstanding regulatory gap in cross-border crypto activity. As a result, platforms that continue to operate without registration are considered in violation of Philippine law.

The SEC reiterated its advice for the public to verify the legitimacy of investment platforms through its official website before committing funds. Investors are urged to exercise caution, particularly as crypto adoption remains high in the Philippines and retail participation continues to grow. Its latest advisory underscores the regulator’s position that crypto trading itself is not prohibited, but participation must take place within a regulated environment designed to protect investors and ensure market integrity.

‍