Coinbase and Gemini Blocked as Philippines Enforces Rules

• Philippine regulators are enforcing licensing rules by ordering ISPs to block unlicensed crypto exchanges.
• Coinbase and Gemini join Binance among major platforms restricted for lacking local authorization.
• Licensed local firms like PDAX expand services as enforcement reshapes market access.

Internet service providers in the Philippines have begun blocking access to major global crypto trading platforms as regulators step up enforcement of local licensing requirements for digital asset service providers.  As of Tuesday, users in the Philippines reported being unable to access Coinbase and Gemini, two of the world’s largest cryptocurrency exchanges.

According to a report by the Manila Bulletin, the blocks followed an order issued by the National Telecommunications Commission, which instructed ISPs to restrict access to 50 online trading platforms identified by the Bangko Sentral ng Pilipinas as operating without authorization. The central bank did not release a full list of the affected platforms, but the enforcement action signals a clear policy direction toward stricter adherence to domestic licensing rules.

Coinbase and Gemini Follow Binance in Access Restrictions

The restrictions on Coinbase and Gemini add to a series of enforcement actions taken against unlicensed crypto exchanges. In December 2023, Philippine authorities initiated a 90-day compliance period for Binance, providing users with time to withdraw funds before access restrictions were imposed.

On March 25, 2024, the telecommunications regulator ordered ISPs to block Binance’s platform. Nearly a month later, the Securities and Exchange Commission directed Apple and Google to remove Binance’s application from their app stores.

Following the enforcement of the ban, the SEC stated that it could not endorse methods for users to recover funds held on the exchange. More recently, the SEC identified 10 additional exchanges, including OKX, Bybit, and KuCoin, as operating in the Philippines without the required licenses.

Licensed Firms Expand as Market Adjusts

While enforcement has tightened for unlicensed operators, regulated players are expanding their services. Local exchange PDAX has partnered with payroll provider Toku to enable remote workers to receive salaries in stablecoins, reflecting increased activity among licensed entities operating within the regulatory framework.

Regulatory developments in the Philippines are unfolding alongside continued institutional activity elsewhere. In a separate development, HashKey Capital raised $250 million for a new cryptocurrency fund, highlighting ongoing capital allocation toward regulated crypto products.

Related: Philippines SEC Flags 10 Major Crypto Exchanges for Operating Without License