Philippines Crypto Ban Expands: Coinbase and Gemini Blocked in VASP Crackdown

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Key Takeaways

• Immediate Access Restriction: The National Telecommunications Commission (NTC) has ordered ISPs to block Coinbase, Gemini, and 48 other unlicensed platforms.
• Regulatory Enforcement: The ban enforces the Bangko Sentral ng Pilipinas (BSP) requirement for a Virtual Asset Service Provider (VASP) license.
• User Impact: Filipino traders cannot legally access these exchange websites or apps without using locally regulated alternatives.

Filipino investors attempting to log into Coinbase or Gemini today are facing connection errors as the government expands its crackdown on unregulated exchanges. As of December 24, 2025, internet access to these major platforms is restricted following a directive from the National Telecommunications Commission (NTC). This move signals the end of the “grace period” for international platforms operating without a local Virtual Asset Service Provider (VASP) license.

Philippines Crypto Ban Targets Major Exchanges

The NTC issued a memorandum directing all local Internet Service Providers (ISPs) to disable access to 50 distinct online trading platforms. While the full list of 50 entities remains unpublished, user reports and connectivity tests confirm that Coinbase Philippines and Gemini are among the primary targets.

This enforcement action mirrors the blocking of Binance earlier this year. The blocking mechanism operates at the ISP level, meaning users on networks like PLDT, Globe, and Converge will see site-can’t-be-reached errors when attempting to visit these domains. The government’s objective is to funnel local traffic toward exchanges that comply with Philippine financial laws.

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SEC Philippines and the Push for Regulation

The driving force behind this digital blockade is the Securities and Exchange Commission (SEC) Philippines working in tandem with the BSP. For years, international exchanges operated in a gray area, serving Filipino clients without establishing a local corporate presence.

That era has ended. The regulators now strictly enforce the requirement that any entity facilitating crypto-to-fiat transactions must hold a valid VASP license. Platforms lacking this certification are classified as unlicensed crypto exchanges and are deemed a risk to public interest. The SEC argues that without local oversight, Filipino investors have no recourse if an exchange collapses or freezes funds.

The NTC Order Explained

The NTC order is not an independent decision but a compliance action requested by the BSP. Under the New Central Bank Act, the BSP has the authority to regulate money service businesses. By flagging these 50 platforms as unauthorized, the BSP empowered the NTC to cut off their digital distribution channels.

This creates a “walled garden” for the Philippine crypto market. Local exchanges like PDAX and Coins.ph, which have incurred the cost of regulatory compliance, now face less competition from global giants who bypassed local taxes and rules.

Strategic Outlook: The Rise of Sovereign Crypto Walls

The blocking of Coinbase and Gemini in the Philippines is not an isolated event; it represents a global shift toward “sovereign crypto markets.” Nations are no longer willing to let borderless tech companies operate outside their fiscal and legal jurisdiction.

We are witnessing a fracturing of the global crypto liquidity pool. According to recent regulatory reports, the Philippines is prioritizing consumer protection over open market access. For global exchanges, the choice is now binary: invest millions in local compliance (licenses, local offices, taxes) or abandon the market entirely. For the Filipino investor, the immediate future involves migrating assets to locally domiciled platforms or risking capital on inaccessible offshore sites.

Also Read: Thailand’s Crypto Crackdown: Bybit, OKX, and More Face Ban from June 28

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