Philippines Cracks Down on Unregistered Crypto Platforms Including Coinbase and Gemini
The National Telecommunications Commission (NTC) of the Philippines has ordered internet service providers (ISPs) to block 50 online trading platforms identified by the Bangko Sentral ng Pilipinas (BSP) as operating without authorization. Among the blocked platforms are major entities such as Coinbase and Gemini. This crackdown is grounded in BSP Circular No. 1206 and the New Central Bank Act, which set the regulatory framework for how virtual asset providers must operate in the Philippines.
Regulators emphasize that the move aims to protect consumers and maintain financial stability by directing users toward licensed platforms. They warned that funds kept on unregistered platforms offer no legal redress. While the full list of affected platforms has not been published, authorities cautioned that enforcement could extend to additional global platforms in the ongoing efforts.
This is part of broader regulatory actions in the country; previously Binance was given a 90-day grace period to comply before ISPs were instructed to block it starting in 2024, alongside its removal from app stores. The Securities and Exchange Commission (SEC) has also issued warnings to at least 10 other unregistered platforms, including OKX, Bybit, and Kraken.
In December 2024, the SEC published a draft Crypto-Assets Service Provider rule that outlines requirements for licensing, disclosures, capital, and cybersecurity. Additionally, regulators have launched a regulatory sandbox to foster innovation while ensuring compliance.
Meanwhile, licensed local activities are expanding. For instance, PDAX has launched remote worker stablecoin payroll services, and GoTyme offers in-app crypto services on a licensed basis, reflecting the growing regulated crypto ecosystem in the country.
