The Philippines has escalated its crackdown on unlicensed cryptocurrency platforms, with internet service providers beginning to block access to major global exchanges, signaling a decisive shift toward stricter enforcement of local crypto regulations.
Users in the Philippines reported this week that access to cryptocurrency exchanges Coinbase and Gemini had been restricted across multiple internet service providers (ISP). Cointelegraph confirmed that both platforms were inaccessible nationwide, following regulatory action aimed at platforms operating without authorization.
According to a report by the Manila Bulletin, the access restrictions were implemented after an order from the National Telecommunications Commission directed ISPs to block dozens of online trading platforms flagged by the Bangko Sentral ng Pilipinas, the country’s central bank.
While the BSP did not disclose a complete list of affected platforms, regulators have made clear that local licensing is now the determining factor for whether crypto exchanges can operate in the country.
The move reflects a broader transition by Philippine authorities from informal tolerance of offshore platforms to active enforcement, as regulators seek to bring crypto market activity under formal oversight.
The blocks against Coinbase and Gemini follow earlier enforcement actions against other major crypto exchanges. In December 2023, Philippine regulators issued a 90-day compliance period to Binance, allowing users time to withdraw funds before a full ban was enforced.
On March 25, 2024, the National Telecommunications Commission ordered ISPs to block access to Binance, and the Securities and Exchange Commission later instructed Apple and Google to remove the exchange’s application from their app stores. After the ban took effect, the SEC said it could not recommend any methods for Filipino users to recover funds remaining on the platform.
More recently, the SEC identified at least 10 additional exchanges, including OKX, Bybit and KuCoin, as operating in the Philippines without the required licenses, underscoring the breadth of the regulatory push.
While access to unlicensed platforms is being curtailed, licensed and compliant crypto firms have continued to roll out services in the Philippines. In November, regulated local exchange PDAX partnered with payroll provider Toku to enable remote workers to receive salaries in stablecoins, allowing for peso conversion without wire transfer delays.
In December, digital bank GoTyme launched crypto services following a partnership with US fintech firm Alpaca, enabling users to buy and hold a selection of digital assets directly within its banking app.
Together, these developments highlight the Philippines’ regulatory stance: crypto activity is not being shut down entirely, but access is increasingly reserved for platforms that comply with domestic licensing requirements.
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