Philippines Blocks Coinbase, Gemini in Unlicensed VASP Enforcement
Major Philippine internet service providers have blocked access to global cryptocurrency exchanges Coinbase and Gemini, following a directive from the country’s National Telecommunications Commission. This crackdown targets platforms flagged by the Bangko Sentral ng Pilipinas (BSP) for operating without proper authorization. While the BSP did not disclose a full list, the move underscores a regulatory shift from tolerance to strict enforcement, making local licensing mandatory for crypto market access. Previously, the Philippines took similar action against Binance, giving users a deadline to withdraw funds before a ban was imposed. The Securities and Exchange Commission (SEC) also requested Apple and Google to remove the Binance app from their stores and later identified other unauthorized exchanges, including OKX, Bybit, and KuCoin. Meanwhile, regulated firms are expanding crypto services. PDAX partnered with Toku to offer stablecoin payroll options, and GoTyme launched crypto buying and storage via its digital banking app. These developments indicate that while authorities crack down on unlicensed platforms, licensed entities are growing their crypto offerings in the country.
