The Securities and Exchange Commission of the Philippines issues investment warnings to 7 cryptocurrency trading platforms

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Golden Finance reports that on April 21, the Philippine Securities and Exchange Commission (SEC) issued an investor warning, reminding the public not to invest in seven cryptocurrency trading platforms including dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The SEC stated that the aforementioned platforms are not registered with the commission and have not obtained the necessary authorization under the Cryptocurrency Asset Service Provider (CASP) framework. The SEC also warned that individuals promoting these platforms within the Philippines may face criminal charges, with fines of up to 5,000,000 Philippine pesos (approximately $89,000) or a maximum of 21 years in prison.

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