Philippines Blocks 50 Crypto Exchanges Including Coinbase, Gemini

The Philippines has blocked 50 crypto exchanges, including Coinbase and Gemini, for operating without local registration, enforcing stricter regulations to protect users and ensure compliance with financial laws.

The Philippines has blocked access to 50 cryptocurrency exchanges, including major platforms such as Coinbase and Gemini, due to their lack of registration with local authorities. The National Telecommunications Commission (NTC) enforced ISP-level blocks following a request from the Bangko Sentral ng Pilipinas (BSP), aiming to ensure compliance with financial regulations and protect consumers. This action is part of a broader regulatory campaign that previously targeted other unlicensed exchanges like Binance. The BSP requires all Virtual Asset Service Providers to register before operating in the country, and the recent crackdown is intended to promote financial stability and user safety. The Securities and Exchange Commission has also warned against using unlicensed platforms, emphasizing the need for proper authorization. As a result, users in the Philippines are now unable to access these platforms through local internet providers, reflecting a significant tightening of oversight in the digital asset sector.