The Philippine Securities and Exchange Commission (PASC) has warned investors that DYDX, DYDX Chain, and DYDX Trading Platform are not registered in the Philippines and do not have licenses to issue, sell, or distribute securities to the public.
The agency also stated that these entities have not registered as Cryptoasset Service Providers under CASP regulations. The SEC Philippines said DYDX is providing online trading services for cryptocurrencies and Derivative, particularly perpetual contracts, through its official website and Google Play app.
According to the announcement, this activity could be XEM a public offering and sale of securities in the Philippines. The Philippine SEC warned that any salesperson, agent, influencer, or promoter soliciting investors for DYDX in the country could face a maximum fine of 5 million pesos and a maximum prison sentence of 21 years.
