Philippines NTC Orders ISPs to Block 50 Unlicensed Crypto Trading Sites

The Philippines National Telecommunications Commission (NTC) has ordered internet service providers (ISPs) to immediately block access to 50 online crypto trading platforms operating without authorisation from the Bangko Sentral ng Pilipinas (BSP).

In a statement, the NTC confirmed it had issued a new memorandum. The directive orders ISPs to disable the websites and applications of these entities.

While the commission did not release the full list immediately, it crucially emphasised that the move is part of a coordinated effort with the central bank to ‘safeguard Filipino users against illicit activities in the burgeoning virtual asset space’.

The NTC stated that it exercises this authority to aid government regulators and prevent unregistered entities from operating.

The legal basis for this crackdown is Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions, recently updated by BSP Circular No. 1206 (Series of 2024).

This directive comes amid intense public scrutiny regarding reported access restrictions to global brokerage Interactive Brokers (IBKR).

The NTC issued a clarification to address the situation. This response followed public attention generated by a report on the blocking of access to a global online trading platform.

However, a clear distinction remains between the jurisdiction of these cases.

The BSP requested the blocking of the 50 platforms for VASP violations, while the SEC typically oversees the IBKR issue regarding securities trading.

This latest move follows a year of aggressive enforcement in the Philippines. The crackdown has notably seen the blocking of cryptocurrency giant Binance and the exit of eToro following similar regulatory advisories.

Featured image: Edited by Fintech News Philippines based on an image by mteerapat via Freepik.

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