Philippines strengthens crackdown on exchanges… blocks access to Coinbase, etc.

The Philippines has blocked access within the country to global cryptocurrency exchanges such as Coinbase.

On the 24th (local time), according to local media including the Manila Bulletin, the National Telecommunications Commission (NTC) ordered the blocking of access to 50 online trading platforms on the 22nd. The NTC said, "This measure is at the official request of the Bangko Sentral ng Pilipinas (BSP)," adding, "(The access blocks) aim to prevent the continued operation of unregistered platforms that expose the public to financial risk."

The list of platforms affected by this measure has not been disclosed. However, it is reported that access to the U.S. cryptocurrency exchanges Gemini and Coinbase is currently blocked in the Philippines. Cointelegraph said, "The Philippines requires obtaining a local license as a decisive factor for entering its cryptocurrency market," adding, "This move shows that (Philippine) regulators are shifting from informal tolerance to enforcement."

Previously, in December 2023, the Philippines blocked access to the global cryptocurrency exchange Binance. The NTC said, "(We) will continuously monitor the compliance of cryptocurrency exchanges at the request of the central bank," adding, "More global companies may be affected by tightened regulations."