Cryptocurrency market controls in the Philippines have entered a new phase. Internet service providers (ISPs) in the country have begun blocking access to some major global cryptocurrency exchanges in accordance with instructions from regulatory bodies enforcing local licensing rules. For example, Coinbase and Gemini platforms are inaccessible throughout the Philippines.
Restrictions on 50 Crypto Platforms in the Philippines
According to a report in the Manila Bulletin, these blocks were implemented following an official instruction sent by the Philippine National Telecommunications Commission (NTC) to internet service providers. The NTC requested the restriction of access to approximately 50 online cryptocurrency trading platforms that were found to be operating without authorization by the Bangko Sentral ng Pilipinas (BSP), which acts as the central bank of the Philippines.
The BSP did not share an official list containing all the blocked platforms. However, with this step, practices that have long been carried out with de facto tolerance in the country are now being replaced by direct control and enforcement. In the current situation, compliance with local licensing requirements stands out as the main criterion for access to the Philippine market. The blocking of Coinbase and Gemini is seen as a continuation of similar steps taken previously in the country. The Philippines made its first serious move against unlicensed cryptocurrency exchanges in December 2023. At that time, Binance was given a 90-day period to comply with local regulations. The Philippine Securities and Exchange Commission (SEC) stated that this period was given to allow investors to withdraw their funds. After the period expired, on March 25, 2024, the NTC instructed local internet providers to block access to Binance. Approximately a month later, the SEC requested Apple and Google to remove the Binance app from their app stores. Following the implementation of the bans, the SEC also announced that it could not officially support any method for users to recover their funds. Recently, the Philippine SEC publicly announced 10 more cryptocurrency exchanges that it deemed operating without licenses. This list included globally known platforms such as OKX, Bybit, and KuCoin. These developments reveal that access to crypto in the country is increasingly tied to a stricter regulatory framework. On the other hand, while the Philippines is cracking down on unlicensed platforms, it is not completely closing the doors to compliant companies. On the contrary, local and international players operating in compliance with regulations continue to launch new crypto products. On November 19, licensed crypto exchange PDAX partnered with payroll service provider Toku to allow remote workers to receive their salaries in stablecoins. This system aims to convert earnings directly to Philippine pesos and reduce remittance fees and delays. Also, on December 8, digital bank GoTyme launched crypto services in the country as part of a partnership with US-based fintech company Alpaca. Thanks to this step, users can buy and store 11 different crypto assets through the bank's mobile application.
