Coinbase and Gemini Blocked in Philippines Amid Wider Exchange Clampdown

• Philippine internet providers have blocked Coinbase and Gemini following an order targeting 50 unlicensed trading platforms.
• The move expands earlier enforcement that shut down Binance and flagged OKX, Bybit, and KuCoin.
• Regulators are tightening rules while licensed firms continue launching crypto services locally.

Internet access to major global crypto exchanges has been cut off in the Philippines as authorities intensify their push against unlicensed digital asset platforms.

Users across the country reported this week that Coinbase and Gemini were no longer reachable through local internet providers.

Checks across multiple networks confirmed that the platforms were inaccessible, marking another significant step in the government’s regulatory crackdown.

The action follows a directive from the National Telecommunications Commission, which instructed internet service providers to immediately restrict access to around 50 online trading platforms operating without approval.

The order was issued after a formal request from the Bangko Sentral ng Pilipinas, the country’s central bank, which oversees money services and virtual asset activities. 

Regulators said the restrictions aim to stop unauthorized platforms from continuing operations that expose users to financial risks.

The commission linked the move to updated rules under BSP Circular No. 1206, which strengthened the framework governing non-bank financial institutions and virtual asset service providers.

Under these rules, any entity dealing with digital assets must be registered and authorized to operate locally.

The BSP, empowered by the New Central Bank Act, has stressed that oversight is necessary to protect consumers and maintain financial stability as crypto use grows in the country.

Also Read: Coinbase Report Projects Stablecoin Market Near $1.2 Trillion by 2028

Coinbase and Gemini Added To The Expanding Block List

The inclusion of Coinbase and Gemini places them alongside Binance, which was blocked earlier this year after failing to secure the required licenses. However, in December 2023, regulators told Binance to comply within 90 days so that Filipino clients could withdraw funds.

Upon expiration of the said period, NTC instructed internet firms to block Binance on March 25, 2024. A couple of weeks after that, the SEC told Apple and Google to remove Binance from their app stores.

However, since the ban began, the enforcement has escalated. Recently, the SEC has noted the operations of various international exchanges, which include OKX, Bybit, and KuCoin. The NTC has not revealed the entire list of platforms.

However, the officials announced additional blocking actions in the future as the scrutiny increases. The blocking actions are carried out in collaboration through various agencies dealing with enforcement.

Regulated Players Expand As Rules Tighten

Despite limited interaction with the unlicensed platforms, the regulated firms continue to provide crypto services.

In November, the partnered licensed exchange PDAX and payroll provider Toku enabled freelance workers to receive payments in stablecoins. Now, freelancing workers can quickly receive peso conversions without wire transfer delays.

In December, digital bank GoTyme introduced crypto functions by collaborating with US federal Alpaca and provided customers access to 11 digital assets via the banking app.

Also Read: BlackRock Shifts $182M Bitcoin, $91M Ethereum to Coinbase Prime