PANews reported on April 20 that the Philippine Securities and Exchange Commission ( SEC Philippines ) issued an investor warning stating that DYDX/DYDX CHAIN/DYDX TRADING PLATFORM are not registered as companies in the Philippines, nor do they possess any licenses to issue, sell, or distribute securities to the public, or to act as a securities broker or dealer. Furthermore, they are not registered as a Crypto-Asset Service Provider under the Crypto-Asset Service Provider Rules ( CASP Rules ). The announcement points out that DYDX provides online trading services for crypto assets and derivatives (especially perpetual contracts) to users, including Filipino investors, through its official website and Google Play app, which may constitute an offering and sale of securities to the public. SEC Philippines stated that any salesperson, agent, influencer, promoter, etc., who solicits or persuades investors for DYDX in the Philippines may face a fine of up to 5 million pesos and up to 21 years imprisonment for violating securities regulations.