Internet service providers in the Philippines have begun blocking access to major cryptocurrency trading platforms as regulators step up enforcement of local licensing requirements for virtual asset service providers.
As of Tuesday, users reported being unable to access global exchanges Coinbase and Gemini from within the country. Cointelegraph independently verified that both platforms were inaccessible across several local ISPs.
According to a report by the Manila Bulletin, the ISP restrictions followed a directive from the National Telecommunications Commission ordering providers to block access to 50 online trading platforms identified by the Bangko Sentral ng Pilipinas (BSP) as operating without proper authorization.
While the central bank did not release a complete list of affected platforms, the move signals a clear shift in the Philippines’ regulatory approach—from informal tolerance to active enforcement—making local licensing a key requirement for operating in the country’s crypto market.
Coinbase, Gemini Join Binance in Philippines Access Block
The Philippines’ recent decision to block access to Coinbase and Gemini follows earlier enforcement actions against unlicensed cryptocurrency exchanges, underscoring the country’s tougher regulatory stance on digital asset platforms.
In December 2023, Philippine authorities launched a 90-day compliance window for Binance, allowing the exchange time to meet local regulatory requirements before a ban was enforced. The Securities and Exchange Commission (SEC) said the grace period was intended to give Filipino users sufficient time to withdraw their funds from the platform.
On March 25, 2024, the National Telecommunications Commission (NTC) ordered local internet service providers to block access to Binance. Nearly a month later, the SEC directed Apple and Google to remove Binance’s application from their app stores in the country.
Following the enforcement of the ban, the SEC stated that it could no longer endorse or facilitate methods for Filipino users to recover funds held on the platform.
More recently, the SEC identified 10 additional cryptocurrency exchanges—among them OKX, Bybit, and KuCoin—as operating in the Philippines without the required licenses.
Regulated Firms Expand Crypto Offerings
Even as authorities tighten restrictions on unregulated platforms, licensed and compliant firms have continued to expand crypto-related services in the country.
On Nov. 19, regulated exchange PDAX partnered with payroll provider Toku to allow remote workers to receive salaries in stablecoins, enabling faster conversion to pesos without wire transfer fees or delays.
Meanwhile, on Dec. 8, digital bank GoTyme launched crypto services in the Philippines through a partnership with U.S.-based fintech firm Alpaca. The rollout allows users to buy and store 11 different crypto assets directly within the bank’s mobile application.
