Philippines Blocks ~50 Unlicensed Crypto Platforms Including Coinbase and Gemini
The Philippines has begun enforcing stricter crypto regulations by ordering internet service providers to block access to around 50 online trading platforms identified as operating without local licenses. Reported blocked services include Coinbase and Gemini; regulators previously targeted Binance and issued ISP blocks in 2024. The National Telecommunications Commission (NTC) said its directive followed requests from the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC), citing Section 902‑N of the Non‑Banking Financial Institutions Regulation Manual (amended by BSP Circular No. 1206). The move signals a shift from informal tolerance to active licensing enforcement: local licensing is now a de facto gateway to serve Philippine users. Regulators say the blocks aim to protect consumers from risks posed by unregistered virtual asset service providers. The SEC has also publicly named other unlicensed platforms such as OKX, Bybit and KuCoin. Meanwhile, compliant local firms and regulated blockchain initiatives continue to expand services — for example, PDAX’s payroll stablecoin work and the government’s Integrity Chain for public contracts — suggesting onshore, licensed venues will capture more trading volume. Traders should monitor liquidity and spreads for pairs linked to affected exchanges, potential price dislocations on local venues, increased onshore flow to regulated exchanges, and further regulatory announcements that may list additional platforms or clarify re‑licensing paths.
Bearish
Direct price impact on the mentioned exchanges’ native tokens (where applicable) and on onshore liquidity is likely negative in the short term. Blocking major global platforms like Coinbase and Gemini reduces access for Philippine users to international order books, which can widen spreads and lower liquidity for affected pairs on both global and local venues. Traders may see temporary price dislocations and higher slippage for assets predominantly traded on the blocked platforms. Market participants could shift volumes to regulated local exchanges, supporting liquidity there but also concentrating risk and possibly increasing local premiums. In the medium to long term the impact is more neutral-to-structural: stricter licensing can reduce regulatory uncertainty and favor compliant platforms, which could restore orderly liquidity and attract institutional participation domestically. However, for tokens with material trading depth on the blocked venues, expect continued downward pressure on accessibility-driven volumes until re‑licensing, VPN workarounds, or clearer regulatory paths restore access.