In a decisive regulatory action, the Philippines has blocked access to 50 unregistered cryptocurrency exchanges, including major global platforms Coinbase and Gemini. The move, ordered by the National Telecommunications Commission (NTC) on December 22nd, follows a formal request from the Bangko Sentral ng Pilipinas (BSP), the country's central bank.
The core issue is the failure of these exchanges to register as Virtual Asset Service Providers (VASPs) with the BSP, a mandatory requirement for legal operation. This crackdown continues a pattern of stricter enforcement that began in 2024 with the blocking of the world's largest exchange, Binance. The Philippines Securities and Exchange Commission (SEC) has also recently identified other unlicensed exchanges, including OKX, Bybit, and KuCoin.
For users in the Philippines, the immediate effect is the inability to access the websites or apps of these 50 blocked platforms through local internet providers. Regulators emphasize that the action aims to protect consumers, ensure financial stability, and prevent illegal activities like money laundering by enforcing compliance with anti-money laundering (AML) and know-your-customer (KYC) rules.
While creating short-term disruption and reduced choice for investors, the government's stated long-term goal is a safer and more transparent cryptocurrency market. The door remains open for global exchanges to formally register, a process that involves submitting detailed applications, implementing robust compliance systems, and agreeing to ongoing BSP supervision.
Amid the crackdown on unlicensed operators, compliant companies are rolling out services. Regulated exchange PDAX partnered with payroll provider Toku in November to enable salary payments in stablecoins, and digital bank GoTyme launched crypto services in December through a partnership with US fintech firm Alpaca.
