Philippines Draws Hard Line on Unlicensed Crypto Platforms

The Philippines has begun blocking major global cryptocurrency exchanges because they do not hold local licenses, per recent reports from Manila Bulletin. As of December 23, users in the country couldn’t access Coinbase and Gemini through major internet providers, following orders from regulators to shut down platforms operating without approval.

What is Happening With Crypto Exchanges in the Philippines?

Internet service providers in the Philippines have started restricting access to several major crypto exchange websites. Independent tests by local media outlet BitPinas show that coinbase.com and gemini.com are inaccessible on networks run by Globe Telecom and PLDT. Users attempting to visit these sites encounter security warnings that match government-mandated blocking.

The timing aligns with a public notice from the National Telecommunications Commission (NTC). The agency confirmed it ordered ISPs to immediately block around 50 online trading platforms identified by the Bangko Sentral ng Pilipinas (BSP) as unregistered Virtual Asset Service Providers, or VASPs.

Why are Coinbase and Gemini Blocked?

Coinbase and Gemini are among the largest crypto exchanges globally, but neither holds a VASP license in the Philippines. Under BSP Circular No. 1206, any platform offering crypto services to Filipinos must register locally and meet requirements on governance, consumer protection, and anti-money laundering controls.

The BSP asked the NTC to intervene after identifying platforms that continued operating without authorization. The NTC then instructed ISPs to disable access at the network level. While the full list of blocked platforms has not been published, the inclusion of Coinbase and Gemini shows that size and reputation do not override local law.

How Does VASP Licensing Work in the Philippines?

A Virtual Asset Service Provider license is mandatory for companies offering crypto trading, custody, or transfer services in the country. The BSP oversees licensing and ongoing supervision.

Key requirements include:

• Registration as a local entity or approved foreign operator
• Compliance with know-your-customer and anti-money laundering rules
• Risk management systems for custody and trading
• Regular reporting to regulators

The goal is not to ban crypto activity, but to ensure it runs through entities the government can supervise.

Coinbase and Gemini Follow Binance Onto the Blocked List

The Philippines has taken similar action before. In December 2023, regulators gave Binance a 90-day window to comply with local rules. The Securities and Exchange Commission said the period was meant to give Filipino users time to withdraw funds.

When Binance failed to secure approval, enforcement followed:

• On March 25, 2024, the NTC ordered ISPs to block Binance
• Weeks later, the SEC asked Apple and Google to remove the app from local stores
• After the ban, the SEC said it could not endorse any method for users to recover remaining funds

More recently, the SEC named other unlicensed exchanges, including OKX, Bybit, and KuCoin. 

Is the Philippines Banning Crypto?

The current actions show control, not suppression. While access to unlicensed global platforms is shrinking, regulated crypto services are expanding inside the country.

Several examples highlight this direction:

• In November, licensed exchange PDAX partnered with payroll firm Toku. Remote workers can receive salaries in stablecoins and convert them to pesos without wire delays or high fees.
• In December, digital bank GoTyme launched crypto services through a partnership with US fintech firm Alpaca. Users can buy and store 11 digital assets directly inside a banking app.

These projects operate under regulatory oversight and fit within existing financial rules.

The market is becoming more divided. Users now face a clear split between blocked global platforms and approved local services.

For everyday users, this means:

• Access to offshore exchanges is increasingly unreliable
• Locally licensed platforms offer fewer assets but clearer legal protection
• Stablecoins and basic trading remain available through regulated channels

Why are Regulators Using ISP-level Blocking?

Blocking at the ISP level is one of the strongest tools available to regulators. It prevents access regardless of browser or device and signals that warnings are over.

Officials appear to be responding to long-standing concerns about consumer protection, fraud, and unregulated capital flows. By enforcing BSP Circular No. 1206 through the NTC, authorities are using existing telecom powers to back financial regulation.

This method mirrors approaches used in other regulated sectors, such as online gambling and securities.

Conclusion

The blocking of Coinbase and Gemini marks a clear turning point in how the Philippines regulates crypto markets. Authorities are no longer relying on warnings or grace periods alone. They are enforcing licensing rules through direct ISP-level controls, backed by the BSP and executed by the NTC. 

For users, this means fewer offshore options and a greater reliance on licensed platforms. For exchanges, it confirms that operating in the Philippines now requires formal registration, ongoing oversight, and adherence to domestic financial rules. The country’s approach is shaping a more controlled crypto environment, defined by compliance rather than scale or global brand recognition.

Resources

1. Report by Manila Buletin: 50 unlicensed trading platforms blocked by NTC following BSP order

2. Report by BitPinas: Coinbase, More Crypto Platforms Blocked in PH Amid NTC Crackdown on Unlicensed VASPs

3. SEC warning to Binance: BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY

4. Press release: GoTyme Bank Launches Crypto Trading in the Philippines in Partnership with Alpaca

5. Press release: Toku and PDAX Partner to Enable Stablecoin Payroll in the Philippines