Philippines SEC flags dYdX, Aevo, gTrade and four others as unregistered, promoters risk 21 years prison and $89K fines

Philippines SEC dropped an investor alert naming dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium as operating without CASP authorization or proper registration. Anyone promoting these platforms to Filipinos faces up to 21 years in prison and ~$89K in fines under the Securities Regulation Code. This extends Manila's offshore-blocking pattern — Binance got hit in 2024, Coinbase and Gemini in December 2025, and now DeFi perp venues get pulled into the same enforcement net.

TLDR by @Benthic

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