50 Crypto Platforms Targeted as Philippines Tightens Rules

The Philippines has tightened controls on access to cryptocurrency services, moving to block major international exchanges that lack local licenses. As of December 25, users reported that platforms including Coinbase and Gemini were unavailable through several major internet service providers.

According to the Manila Bulletin, the restrictions follow an order from the National Telecommunications Commission (NTC). The regulator directed providers to block access to around 50 online trading platforms identified by the Bangko Sentral ng Pilipinas (BSP) as operating without proper authorization.

Philippine regulators have not released a complete list of affected services. However, the move signals a clear shift in regulatory posture, as authorities move from informal tolerance toward stricter enforcement. Under the new approach, holding a local license has become a key requirement for operating in the country’s crypto market.

Blocking Orders Expand Beyond Binance

The restrictions on Coinbase and Gemini follow earlier action against Binance, marking a broader campaign against unlicensed crypto platforms.

In December 2023, authorities introduced a 90-day transition period requiring Binance to comply with local regulations. The Securities and Exchange Commission (SEC) said the grace period was intended to give users time to withdraw their funds.

On March 25, 2024, the NTC ordered internet providers to block Binance’s services. Nearly a month later, the SEC requested that Apple and Google remove the exchange’s app from their app stores. After the block was fully implemented, the SEC said it could no longer approve any refund mechanisms for Filipino users.

Regulators Signal Wider Enforcement Ahead

More recently, the SEC identified 10 additional exchanges. including OKX, Bybit, and KuCoin — that it said were operating in the Philippines without a license.

In a statement, the NTC said its directive was based on a formal request from the BSP to block websites and mobile applications of unlicensed virtual asset service providers. The agency emphasized that the measures are part of a broader effort to strengthen oversight of digital financial services.

The NTC cited Section 902-N of the Non-Banking Financial Institutions Regulation Manual, as amended by BSP Circular No. 1206, which sets out the operational requirements for virtual asset service providers in the Philippines. The regulator said blocking access is intended to prevent further activity by unregistered platforms that expose the public to financial risks.

The commission added that similar action could extend to other international firms as authorities seek to limit unauthorized financial transactions and unregulated exchanges. All financial services operating in the Philippines, the NTC said, must comply with central bank requirements.

Even as enforcement tightens, companies operating within the regulatory framework are expanding their presence. Separately, the Philippine government has launched the Integrity Chain blockchain platform to record public contracts and infrastructure milestones, highlighting that while unlicensed crypto activity faces restrictions, regulated blockchain initiatives continue to move forward.