The Philippines' Securities and Exchange Commission (SEC) has issued a stern warning against dYdX and six other unauthorized cryptocurrency platforms, marking a significant regulatory crackdown in the country's booming digital asset market. The SEC declared these platforms as operating without proper registration, exposing Filipino investors to substantial financial risks and potential loss.

Promoters and endorsers of these flagged crypto exchanges now face severe consequences under Philippine securities law, including hefty fines of up to 5 million Philippine pesos ($89,000) or imprisonment for up