Philippines Blocks Coinbase and Gemini Amid Crackdown on Unlicensed VASPs

TLDR

• The Philippines has blocked Coinbase and Gemini due to unlicensed operations.
• The National Telecommunications Commission ordered ISPs to restrict access to 50 unlicensed VASPs.
• Binance was previously banned in 2024 for not complying with the Philippines’ VASP regulations.
• Regulated exchanges like Coins.ph and PDAX remain operational under local licensing rules.

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On December 24, 2025, internet service providers (ISPs) in the Philippines began blocking access to major global cryptocurrency exchanges, Coinbase and Gemini. This move is part of the country’s ongoing efforts to crack down on unlicensed virtual asset service providers (VASPs).

According to reports, users in the Philippines were unable to access both exchanges, confirming that they had been included in the National Telecommunications Commission’s (NTC) recent enforcement order.

The NTC’s directive followed a mandate from the Bangko Sentral ng Pilipinas (BSP), the central bank, which flagged 50 online platforms as operating without the necessary licenses. While the full list of targeted exchanges has not been publicly released, this action signals a stronger regulatory approach toward crypto activities in the country. The BSP has emphasized that foreign exchanges are welcome to apply for licenses but must adhere to local regulations before offering services to Filipino users.

Background of the Crackdown

The BSP introduced the VASP licensing framework in February 2021, formalizing the rules for crypto platforms operating in the Philippines. However, many of the largest global exchanges, including Coinbase and Gemini, did not secure the required licenses. While the country had previously shown some leniency toward these platforms, the recent actions indicate a shift toward stricter enforcement.

In December 2023, the Philippines took similar measures against Binance, one of the world’s largest crypto exchanges. The SEC initiated a 90-day period for Binance to comply with local regulations, culminating in a block of the platform in March 2024. The enforcement was part of a broader push to ensure that crypto exchanges operate in accordance with Philippine laws, especially those related to anti-money laundering and customer protection.

Impact on Local and Global Crypto Exchanges

The current crackdown extends beyond Coinbase and Gemini, with several other exchanges such as Kraken, KuCoin, and OKX also identified by the BSP as non-compliant. These platforms, along with Gemini and Coinbase, now face restricted access in the Philippines. The NTC’s order has sparked concerns among Filipino crypto users who may find their access to these platforms cut off.

At the same time, the Philippines has maintained a regulatory framework that encourages crypto businesses to apply for local licenses. Among the exchanges that comply with these rules is PDAX, one of the country’s largest licensed platforms. PDAX, along with Coins.ph, has successfully navigated the regulatory environment and continues to operate without restrictions. These platforms offer a more secure and compliant alternative to international exchanges.

Regulatory Environment for Crypto in the Philippines

The Philippines’ regulatory stance on cryptocurrency has evolved significantly in recent years. While the country initially took a more relaxed approach toward crypto businesses, the BSP and SEC have now taken steps to create a more structured and secure market. These actions are designed to protect local users from potential fraud and financial risks associated with unregulated platforms.

Despite the ongoing crackdown, the Philippines remains open to foreign crypto businesses willing to adhere to local laws. However, any platform looking to operate in the country must establish a local presence, fulfill capital requirements, and follow anti-money laundering guidelines. This regulatory environment has paved the way for both local and international players to engage in the market in a legal and secure manner.

As the Philippines continues its crackdown on unlicensed VASPs, it remains to be seen whether other global exchanges will comply with the regulatory framework or face similar blocks. The country’s proactive stance on licensing and enforcement may serve as a model for other nations looking to regulate cryptocurrency more effectively.

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