The Philippines cracks down on unlicensed virtual asset service providers, blocking Coinbase and Gemini

According to Cointelegraph, Philippine internet service providers (ISPs) have begun to block major cryptocurrency trading platforms after regulators started to strengthen local licensing regulations for cryptocurrency service providers.

Users have reported that Philippine users are unable to access global cryptocurrency exchanges Coinbase and Gemini, with multiple local ISPs unable to access these two platforms. The ISP blocking actions are being carried out under the orders of the National Telecommunications Commission. The order instructs service providers to restrict access to 50 online trading platforms that have been identified by the Bangko Sentral ng Pilipinas (BSP) as operating without authorization.

The Bangko Sentral ng Pilipinas has not released a complete list of the platforms affected by this order. However, this change indicates that local regulators are shifting from an informal tolerance approach to enforcement, with local licensing becoming a decisive factor for market entry in the Philippine cryptocurrency sector.