Key Takeaways
- The central bank of the Philippines has moved to block access to unregistered crypto exchanges.
- Coinbase and Gemini are among the first to be targeted.
- The regulator has listed fifty non-compliant offshore exchanges.
Internet service providers (ISPs) in the Philippines blocked major crypto exchanges on Tuesday, Dec. 24, as regulators started to crack down on unregistered digital asset platforms.
Coinbase and Gemini are among the first casualties of a National Telecommunications Commission (NTC) order issued on Monday, Dec. 22, that listed 50 unlicensed virtual asset service providers (VASPs) identified by the country’s central bank (BSP).
Central Bank Cracks Down on Unlicensed VASPs
The BSP first established a VASP licensing framework in February 2021, when it issued Circular No. 1108.
However, as a small economy on the global stage, major crypto exchanges have shown little interest in securing the necessary permissions to operate in the Philippines.
The first high-profile enforcement action occurred in 2024, when the country’s central bank and securities regulator instructed the NTC to block access to Binance.
More than a year later, it appears that few global exchanges have learned from the Binance incident.
Platforms on the BCP’s naughty list include OKX, Kraken, KuCoin, Bitget, and MEXC.
As of Wednesday, local reports suggest Coinbase and Gemini are inaccessible via major ISPs.
Which Exchanges are Licensed in the Philippines?
As of 2025, only a small number of cryptocurrency exchanges are licensed to operate under the BSP’s VASP framework.
Among the most prominent are Coins.ph, the country’s largest and longest-running crypto platform, as well as PDAX, which has positioned itself as an institutional-friendly venue for peso-denominated crypto trading.
Meanwhile, none of the largest offshore global exchanges have secured the necessary VASP license.
Regulators have emphasized that foreign platforms remain welcome to apply.
However, they must establish a local presence and comply with licensing, capital, and anti-money laundering requirements before offering services to Filipino users.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
