Key Highlights
- The Philippines has blocked access to Coinbase and Gemini as regulators tighten rules on unlicensed crypto platforms.
- The National Telecommunications Commission (NTC) ordered internet service providers to restrict about 50 trading sites flagged by the central bank for operating without approval.
- The move follows earlier action against Binance, including a grace period in 2023 and app removals in 2024.
The Philippines has increased regulation of its crypto market in recent months, restricting access to global exchanges, including Coinbase and Gemini.
Internet service providers (ISPs) across the country began restricting access after receiving directives from the National Telecommunications Commission (NTC), which acted on a formal request from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
According to a report from Manila Bulletin, the NTC order covers around 50 online trading platforms operating without authorization from the BSP.
Regulators have not issued a complete list of affected platforms, but the action underlines a tougher drive to ensure only licensed providers of virtual asset services are allowed to operate. Consumer protection, financial stability, and the risks associated with unregulated exchanges were among the main reasons mentioned by officials for the action.
Public reaction has also surfaced online. An X user pointed out that after Binance, Coinbase and Gemini are now blocked in the Philippines, adding that clearer regulation would be preferable to outright bans and calling for blockchain development under government oversight.
Earlier steps taken against Binance
The current crackdown follows earlier regulatory actions. In December 2023, the Securities and Exchange Commission (SEC) gave Binance and other unregistered crypto exchanges a three-month grace period after issuing an advisory for operating without a license.
Following this, the SEC ordered Google and Apple to remove the Binance app from their app stores in April 2024. The regulator said the step was taken to protect Filipino investors from platforms offering unregistered securities.
Since then, several other exchanges, including OKX, Bybit, and KuCoin, have also been flagged for operating without the required licenses.
Licensed players add new crypto services
On the other hand, licensed participants are still adding various crypto services in the country. One example is a partnership between the licensed exchange PDAX and a payroll provider. This allows remote workers to receive salaries in stablecoins that can be easily converted into pesos.
On December 8, 2025, digital bank GoTyme partnered with U.S. fintech company Alpaca. The collaboration allows GoTyme’s 6.5 million users to access crypto services directly within the app.
The BSP and NTC said these measures are intended to protect Filipino users from the risks of unregulated trading and illicit activity. The regulatory treatment of virtual asset providers can be found under Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions, together with BSP Circular 1206.
Philippine’s crackdown is a clear warning from the regulators: crypto service providers must have the required licenses if they want to operate lawfully in the region.
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