Philippines Says ‘Enough’: Coinbase, Gemini, and 50+ Crypto Platforms Blocked — Here’s What Really Happened
Philippine ISPs Block Access to Coinbase and Gemini as Crypto Crackdown Intensifies
Philippine regulators have escalated their crackdown on unlicensed cryptocurrency platforms, ordering local internet service providers to block access to major global exchanges Coinbase and Gemini. The move marks a significant expansion of the country’s regulatory enforcement, following earlier actions against Binance and warnings issued to other major crypto platforms.
According to information reviewed by HOKANEWS, the decision reflects a broader effort by Philippine authorities to bring the fast-growing digital asset sector firmly under domestic regulatory oversight.
Internet Providers Begin Enforcing Access Restrictions
In recent days, users across the Philippines began reporting difficulties accessing Coinbase and Gemini through local internet service providers. Independent checks confirmed that multiple ISPs had restricted access to the platforms, effectively rendering them unreachable within the country.
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| Source: Xpost |
The restrictions were implemented following a directive from the National Telecommunications Commission (NTC), which oversees telecommunications and internet services in the Philippines. The NTC instructed ISPs to block platforms identified as operating without the required local authorization.
Officials have framed the move as part of a coordinated government effort to enforce compliance with existing financial and securities laws governing digital assets.
More Than 50 Unlicensed Crypto Platforms Targeted
Local media reports indicate that the NTC’s directive covers more than 50 online trading platforms that regulators say are operating without proper licenses. The list of affected platforms was reportedly compiled based on findings from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
While the BSP has not publicly released the full list of targeted platforms, officials emphasized that licensing status is now a non-negotiable requirement for any company offering crypto-related services to Philippine residents.
Regulators have repeatedly warned that platforms failing to secure authorization may face access restrictions, enforcement actions, or potential legal consequences.
Coinbase and Gemini Join Binance on the Blocked List
The blocking of Coinbase and Gemini adds two of the world’s most recognized cryptocurrency exchanges to an enforcement list that already includes Binance.
In December 2023, Philippine regulators issued Binance a 90-day notice, requiring the exchange to comply with local registration and licensing requirements. After the platform failed to meet those conditions, the NTC ordered ISPs to block Binance in March 2024.
Subsequently, Apple and Google were directed to remove Binance’s applications from their respective app stores in the Philippines. Authorities later clarified that they would not formally assist users seeking to recover funds held on platforms operating illegally within the country.
The inclusion of Coinbase and Gemini signals that regulators are willing to take action even against well-established international firms if they do not meet domestic regulatory standards.
Regulatory Focus Shifts Toward Investor Protection
Officials from the BSP and other agencies have consistently emphasized that the crackdown is driven by concerns over investor protection, financial stability, and compliance with anti-money laundering regulations.
Cryptocurrency adoption in the Philippines has grown rapidly in recent years, fueled by remittances, mobile payments, and interest in digital investments. Regulators argue that without proper oversight, retail investors face heightened risks from fraud, market manipulation, and platform failures.
By restricting access to unlicensed exchanges, authorities aim to steer users toward platforms that operate under Philippine law and are subject to local supervision.
SEC Flags Additional Unlicensed Exchanges
The Philippine Securities and Exchange Commission has also intensified its monitoring efforts. In a recent advisory, the SEC identified at least 10 additional cryptocurrency exchanges operating without authorization.
The list included widely used platforms such as OKX, Bybit, and KuCoin. While these platforms have not yet been blocked at the ISP level, the warnings suggest that further enforcement actions could follow if compliance is not achieved.
The SEC has urged the public to exercise caution when engaging with platforms that lack proper registration, warning that investors may have limited legal recourse in the event of disputes or losses.
A Shift Toward a Licensed Crypto Ecosystem
Despite the tightening regulatory environment, Philippine authorities have stressed that the country is not opposed to cryptocurrency itself. Instead, the goal is to build a regulated and transparent digital asset ecosystem.
Licensed and compliant platforms continue to expand their offerings in the country. In November, regulated exchange PDAX announced a partnership with payroll technology company Toku to enable stablecoin-based salary payments for remote workers.
The initiative was positioned as a way to modernize payroll systems while remaining within regulatory boundaries.
Similarly, digital bank GoTyme introduced cryptocurrency services in December through a partnership with U.S.-based fintech firm Alpaca. The collaboration allows users to buy and hold selected crypto assets directly within a regulated banking application.
These developments suggest that regulators are open to innovation, provided it occurs within a controlled and supervised framework.
Industry Reaction and Market Implications
The blocking of Coinbase and Gemini has sparked debate within the local crypto community. Some users have expressed concern over reduced access to global platforms, while others view the move as a necessary step toward market maturity.
Industry analysts note that regulatory clarity, even when restrictive, can ultimately benefit the market by reducing uncertainty and attracting institutional participation.
However, critics argue that sudden access restrictions could disrupt users who rely on international exchanges for liquidity and advanced trading features.
Regional Context and Global Trends
The Philippines is not alone in tightening oversight of cryptocurrency platforms. Regulators across Asia and beyond have stepped up enforcement as digital assets become more integrated into the financial system.
Countries such as Singapore, Japan, and South Korea have implemented strict licensing regimes, requiring exchanges to meet high standards for security, compliance, and consumer protection.
Philippine authorities appear to be aligning with this broader trend, signaling that the era of operating without regulatory approval is coming to an end.
What Comes Next for Crypto Users in the Philippines
For users, the immediate impact is reduced access to certain international platforms. Regulators have encouraged investors to transition to licensed exchanges that operate legally within the country.
Authorities have also reiterated the importance of verifying a platform’s registration status before depositing funds or executing trades.
As enforcement continues, market participants expect further announcements from regulators clarifying compliance requirements and outlining pathways for platforms seeking authorization.
Conclusion
The decision by Philippine ISPs to block Coinbase and Gemini underscores a decisive shift in the country’s approach to cryptocurrency regulation. By targeting unlicensed platforms and reinforcing licensing requirements, authorities are signaling a commitment to building a safer and more transparent digital asset market.
While the crackdown may limit short-term access to certain exchanges, regulators argue that the long-term benefits include stronger investor protection, enhanced market integrity, and greater confidence in the crypto ecosystem.
As the Philippines continues to refine its regulatory framework, the message is increasingly clear: only licensed and compliant platforms will be allowed to operate in the country.
HOKANEWS will continue to monitor developments as the regulatory landscape evolves and further enforcement actions unfold.
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