Illegal Crypto Entities Soliciting Investments
The Securities and Exchange Commission (SEC) has issued advisories to the public against unauthorized entities offering cryptocurrency trading platforms to solicit investments within the Philippines.
The advisories, dated March 31, listed Vest, Ostium, dYdX, gTrade, Deriv, Pacifica, Orderly Network, and Aevo.
Trading in Crypto Assets and Derivatives
SEC said that these illegal platforms allow users to engage in trading activities involving crypto-assets and derivative instruments electronically.
Crypto-Asset Service Providers Rules of the agency requires that all entities, whether local or foreign, offering crypto-asset services to persons in the Philippines to register with the Commission and obtain the appropriate licenses before offering such services.
