The Philippines is taking decisive action in regulating its cryptocurrency landscape. On December 24, 2025, the National Telecommunications Commission (NTC) directed internet service providers (ISPs) to block access to major global cryptocurrency exchanges Coinbase and Gemini. This move falls in line with the country’s intensified crackdown on unlicensed virtual asset service providers (VASPs).
Reports confirm that users in the Philippines experienced restrictions accessing both platforms, which were ordered to comply with local regulations. This enforcement stems from a broader mandate issued by the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, which flagged a total of 50 online platforms for operating illegally without the necessary licenses.
THE PHILIPPINES BLOCKS COINBASE & GEMINI
The Philippines has blocked Coinbase and Gemini as part of the government crackdown on unlicensed crypto platforms. pic.twitter.com/eUIktHag7Q
— Coin Bureau (@coinbureau) December 24, 2025
This latest enforcement by the NTC is a sign of the Philippines’ shifting attitude toward the cryptocurrency sector. Previously, the BSP had allowed significant leeway for major exchanges, but this crackdown indicates a transition to stricter regulatory oversight.
Context of the Regulatory Crackdown
The regulatory framework governing VASPs was first introduced by the BSP in February 2021, laying out the necessary licensing requirements for operating within the Philippines. Notably, many prominent exchanges such as Coinbase and Gemini have abstained from securing appropriate licenses, which has now resulted in blocking measures. The BSP’s recent decisions reflect a commitment to upholding regulatory compliance within the sector.
In another parallel case, Binance, regarded as one of the largest cryptocurrency exchanges globally, faced similar consequences earlier. Following a 90-day ultimatum to adhere to local regulations that ended in March 2024, Binance was also prohibited from operating within the Philippines.
Ripple Effects on the Crypto Ecosystem
The ramifications of the NTC’s directive extend beyond Coinbase and Gemini. A host of exchanges including Kraken, KuCoin, and OKX have also been flagged by the BSP for non-compliance. This action raises alarms for Filipino crypto users who may find their access to a diverse array of trading platforms curtailed.
On the flip side, regulated platforms like PDAX and Coins.ph continue to thrive by adhering to the local licensing regime. These exchanges deliver compliant and secure alternatives for users, seeking a trustworthy environment in which to trade digital assets.
Shifting Dynamics in Crypto Regulation
The evolution of the Philippines’ approach to cryptocurrency regulations has substantially intensified over recent years. Once considered lenient, the framework now prioritizes consumer protection and strict compliance, ultimately shielding users from the pitfalls commonly associated with unregulated exchanges.
Nevertheless, the Philippines is still amenable to foreign crypto businesses willing to comply with its regulatory guidelines. To establish a local presence, these platforms must meet capital requirements and adhere to anti-money laundering standards, facilitating a secure and structured market.
As this crackdown continues, the question remains whether other global players will align with the Philippines’ regulatory demands or face similar accessibility restrictions. The proactive stance taken by the regulatory bodies may very well become a blueprint for nations worldwide aiming to tame the volatile world of cryptocurrency.
