Internet service providers in the Philippines have begun blocking access to major global cryptocurrency exchanges as regulators step up enforcement of local licensing requirements, marking a broader crackdown on unlicensed VASPs in the country.
Users reported on Tuesday that popular crypto trading platforms Coinbase and Gemini were no longer accessible through local internet networks. Cointelegraph independently confirmed that both exchanges were unreachable across multiple Philippine ISPs.
According to a report by the Manila Bulletin, the blocks followed a directive issued by the National Telecommunications Commission. The order instructed ISPs to restrict access to around 50 online trading platforms identified by the Bangko Sentral ng Pilipinas as operating without proper authorization.
While the central bank has not released a complete list of affected platforms, the move reflects a shift from regulatory tolerance toward stricter enforcement. Local licensing has now become a decisive factor for crypto market access, reinforcing the government’s crackdown on unlicensed VASPs.
Coinbase and Gemini join earlier enforcement actions
The Philippines has previously taken action against unlicensed crypto platforms, most notably against Binance.
In December 2023, regulators initiated a 90 day compliance period, allowing Binance time to meet local requirements before enforcement measures were applied. The Securities and Exchange Commission said the window was intended to give Filipino users an opportunity to withdraw their funds from the exchange.
On March 25, 2024, the National Telecommunications Commission ordered local ISPs to block access to Binance. Nearly a month later, the SEC directed Apple and Google to remove the exchange’s application from their app stores in the country.
Following the enforcement, the SEC stated that it could not endorse any methods for Filipino users to retrieve funds held on the platform. More recently, the regulator identified at least 10 other exchanges, including OKX, Bybit, and KuCoin, as operating without licenses.
The addition of Coinbase and Gemini to the list of blocked platforms signals a consistent regulatory approach. Authorities appear focused on applying uniform standards rather than targeting individual firms, further underscoring the ongoing crackdown on unlicensed VASPs.
Regulated platforms expand crypto services
While enforcement actions continue against unauthorized providers, licensed companies have been expanding crypto related offerings in the Philippines.
On Nov. 19, regulated exchange PDAX partnered with payroll provider Toku to enable remote workers to receive salaries in stablecoins. The initiative allows workers to convert earnings into pesos without incurring wire transfer fees or facing processing delays.
On Dec. 8, digital bank GoTyme launched crypto services in the country through a partnership with US based fintech firm Alpaca. The rollout allows users to buy and store 11 crypto assets directly within the bank’s mobile application.
These developments highlight the direction Philippine regulators appear to be encouraging. Access to digital assets is increasingly tied to compliance, local oversight, and consumer protection measures. As enforcement tightens, the crackdown on unlicensed VASPs is reshaping how crypto services are offered and accessed across the country.
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