The Philippines is cracking down on unlicensed virtual asset service providers, blocking Coinbase and Gemini.
TL;DR
Philippine ISPs are blocking unlicensed crypto exchanges like Coinbase and Gemini under NTC orders, as regulators enforce local licensing requirements, shifting from tolerance to strict oversight.
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[Philippines Cracks Down on Unlicensed Virtual Asset Service Providers, Blocks Coinbase and Gemini] According to a report by Cointelegraph, Philippine Internet Service Providers (ISPs) have begun blocking major cryptocurrency exchanges after regulators tightened oversight of local licensing for cryptocurrency service providers. Users have reported being unable to access global cryptocurrency exchanges Coinbase and Gemini, with multiple local ISPs also unable to access these platforms. The ISPs' blocking action is based on an order from the National Telecommunications Commission (NTC). This order instructs service providers to restrict access to 50 online trading platforms deemed unauthorized by the Central Bank of the Philippines (BSP). The BSP has not released a full list of platforms affected by the order. However, this change indicates a shift in local regulators from informal tolerance to enforcement, with local licensing becoming a decisive factor in access to the Philippine cryptocurrency market.