Access to major cryptocurrency exchanges Coinbase and Gemini has been blocked in the Philippines, reflecting a significant regulatory shift regarding unlicensed virtual asset service providers (VASPs). This action follows an order from the National Telecommunications Commission (NTC), which mandated local internet service providers (ISPs) to restrict access to 50 trading platforms identified by the Bangko Sentral ng Pilipinas (BSP) as unauthorized.
As of Tuesday, users reported an inability to access both platforms, which was confirmed by Cointelegraph across various ISPs. This move is part of a broader enforcement initiative by Philippine regulators aimed at ensuring compliance with local licensing requirements for crypto services.
Previously, the Philippines had initiated a crackdown on unlicensed exchanges, such as Binance, which faced a compliance deadline in December 2023. Following this, several other exchanges, including OKX and Bybit, have been flagged for operating without the necessary licenses. As regulation tightens, compliant entities like PDAX are advancing their services, recently partnering with Toku to enable salary payments in stablecoins.