Philippines Blocks Coinbase, Gemini in Broad VASP Crackdown

Regulators Block 50 Platforms, Restricting Coinbase and Gemini

Philippine regulators have ordered a sweeping block of 50 unlicensed online trading platforms, cutting off local access to major cryptocurrency exchanges Coinbase and Gemini. As of Tuesday, users in the country reported that both platforms were inaccessible across multiple local internet service providers (ISPs). The directive came from the National Telecommunications Commission (NTC) based on a list provided by the central bank, Bangko Sentral ng Pilipinas (BSP), which identified the firms as operating without the required authorization. This enforcement action marks a decisive pivot from informal tolerance to a strict, license-first policy for all virtual asset service providers (VASPs) operating in the Philippines.

Crackdown Follows March 2024 Ban of Binance

This latest move is part of a broader regulatory campaign that previously targeted Binance, the world's largest crypto exchange. In December 2023, the Philippines Securities and Exchange Commission (SEC) initiated a 90-day countdown for Binance to comply with local rules. When the deadline passed, the NTC ordered ISPs to block access to the exchange on March 25, 2024. The SEC followed up nearly a month later by ordering Apple and Google to remove the Binance application from their local app stores. Regulators have also publicly identified at least 10 other exchanges operating without licenses, including OKX, Bybit, and KuCoin, signaling that further restrictions are likely.

Regulated Local Players Expand Crypto Offerings

While the government restricts unlicensed international platforms, compliant local companies are capitalizing on the opportunity by rolling out new crypto-related services. On November 19, regulated exchange PDAX partnered with payroll provider Toku to allow workers to receive salaries in stablecoins, bypassing traditional wire fees. Shortly after, on December 8, digital bank GoTyme introduced crypto trading services through a partnership with US fintech firm Alpaca. The service allows its customers to buy and store 11 different crypto assets directly within its banking application, channeling investor activity toward regulated and integrated platforms.