Market News

Crypto Crackdown: Philippines Blocks Coinbase and Gemini in Major Regulatory Move

Internet users in the Philippines experienced significant disruptions this week as the National Telecommunications Commission (NTC) ordered local ISPs to block access to numerous cryptocurrency exchanges, including Coinbase and Gemini.

This sweeping action was prompted by the Bangko Sentral ng Pilipinas' identification of around 50 platforms deemed to be operating without proper authorization.

The NTC emphasized that this initiative aims to enforce registration and licensing guidelines applicable to virtual asset service providers in the country.

While the list of affected platforms has not been publicly released, the regulators pointed out the importance of compliance for any entity seeking to operate within Philippine jurisdiction.

This crackdown follows previous actions against Binance, indicating a broader strategy to regulate the local crypto market and protect consumers from potential financial risks associated with unregistered services.

Local traders faced immediate repercussions, including asset freezes and canceled transactions, underscoring the chaotic impact of the regulatory changes.

The Philippines has been tightening its grip on the cryptocurrency sector, and the SEC recently warned additional exchanges, such as OKX and KuCoin, regarding their operations.

In contrast, licensed platforms like PDAX and GoTyme are expanding their services in response to the regulatory environment, promoting safer, compliant options for users.

As the Philippines continues to refine its crypto regulatory framework, the message is clear: only licensed platforms will be permitted to operate, reflecting a commitment to enhancing market stability.

Investors and crypto enthusiasts in the region should remain vigilant as these regulatory developments unfold, prioritizing engagement with compliant services to mitigate risks.