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Crypto access in the Philippines is getting tighter, and this time, even major global exchanges aren’t spared.
As of Tuesday, Coinbase and Gemini are no longer accessible across several Philippine internet service providers, according to user reports and independent confirmations. The blocks follow a government order tied to a wider push against unlicensed crypto platforms operating in the country.
Coinbase, Gemini Blocked
The move came after the National Telecommunications Commission (NTC) directed ISPs to restrict access to around 50 online trading platforms flagged by the Bangko Sentral ng Pilipinas (BSP) for operating without authorization.
In its statement, the NTC said the directive followed a formal request from the central bank to disable websites and applications of unlicensed Virtual Asset Service Providers. The BSP did not release a full list of affected platforms, but regulators made it clear the goal is enforcement, not warnings.
Officials say the action is meant to protect users and ensure financial stability, citing Section 902-N of the Manual of Regulations for Non-bank Financial Institutions, updated under BSP Circular No. 1206.
Binance Was the First – Now the Net Is Wider
Coinbase and Gemini aren’t the first exchanges caught in the crackdown.
In December 2023, Philippine regulators gave Binance a 90-day compliance window to meet local requirements. When that period expired, the NTC ordered ISPs to block Binance on March 25, 2024. The country’s Securities and Exchange Commission later asked Apple and Google to remove Binance’s app from their stores.
After the ban, the SEC said it could not endorse ways for Filipinos to retrieve their funds.
More recently, the SEC identified 10 unlicensed exchanges, including OKX, Bybit, and KuCoin, as operating without approval.
Regulated Platforms Move In as Rules Tighten
While access to unlicensed exchanges shrinks, regulated players are expanding.
Local exchange PDAX recently partnered with payroll firm Toku, allowing remote workers to receive salaries in stablecoins and convert them to pesos without wire fees.
Meanwhile, digital bank GoTyme, working with U.S. fintech Alpaca, has rolled out in-app crypto services covering 11 digital assets.