Philippine SEC Issues Advisory Against dYdX Over Unlicensed Operations

Key Facts

1The Philippine SEC declared dYdX as an unregistered platform operating without a license.

2The SEC warned that promoters of the platform could face criminal liability under the Securities Regulation Code.

The Philippine Securities and Exchange Commission (SEC) has issued a formal advisory against dYdX, stating that the platform is operating without the mandatory registration and licenses. According to the regulator, dYdX is not authorized to sell or offer securities to the public within the Philippine jurisdiction. The SEC further warned that individuals promoting the platform could face criminal liability under the Securities Regulation Code. This regulatory crackdown reflects increasing scrutiny on decentralized exchanges (DEX) operating in Southeast Asia. Market analysts expect this move to create localized selling pressure on the DYDX token and dampen investor sentiment in the region.