The Philippine Securities and Exchange Commission (SEC) has issued an investment risk warning for DYDX.

CoinFeed reported on April 20 that the Philippine Securities and Exchange Commission (SEC Philippines) issued an investor alert 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 securities brokers or dealers. Furthermore, they are not registered as Crypto-Asset Service Providers under the CASP Rules. The announcement states that DYDX provides online trading services for crypto assets and derivatives (particularly 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.