The Philippines has directed ISPs to block 50 trading platforms following a warning from the BSP, marking a shift from leniency to strict enforcement, with Coinbase and Gemini facing restricted access starting Tuesday.
Philippine regulators are tightening control over the cryptocurrency market as the National Telecommunications Commission (NTC) has instructed internet service providers to block access to unlicensed global cryptocurrency exchanges. Users in the Philippines have been unable to access Coinbase and Gemini since Tuesday, a fact independently confirmed by Cointelegraph through multiple local ISPs. The Manila Bulletin reported that the blocking order was issued following the NTC's directive based on a list of 50 platforms flagged by the Philippine Central Bank (BSP) as operating without authorization.
The BSP has not yet released a full list of affected platforms, but this move reflects a clear shift from tolerance to mandatory domestic licensing requirements. This is not the first time the Philippines has taken a strict approach with international cryptocurrency exchanges. In December 2023, the country launched a 90-day countdown for Binance to comply with regulations, while also allowing users to withdraw assets.
On March 25, 2024, NTC officially requested ISPs to block Binance, followed by an order from the Securities and Exchange Commission (SEC) requiring Apple and Google to remove the app from their app stores in April.
The market is polarized between compliance and violation.
Following the Binance ban, the Philippine SEC admitted it could not confirm a method for users to recover their assets. The agency recently identified 10 more exchanges, including OKX, Bybit , and Kucoin , operating without permits, demonstrating its determination to maintain tight control over the market.
Alongside cracking down on non-compliant platforms, the Philippines is facilitating licensed businesses to develop cryptocurrency infrastructure. On November 19, the PDAX exchange was licensed to partner with Toku, allowing remote workers to receive salaries in stablecoins, which can be converted to pesos without incurring bank transfer fees. On December 8, the digital bank GoTyme launched cryptocurrency services after partnering with the US fintech company Alpaca, allowing users to buy and store 11 digital assets through its banking app.
The Philippines' "tough on violations, open to compliance" strategy reflects the global trend in digital asset regulation, where domestic licensing has become a prerequisite for legitimate market access.
