Philippine ISPs Block Coinbase and Gemini Following BSP Order on Unlicensed Platforms

TLDR:

• Philippine ISPs restricted access to Coinbase and Gemini after the BSP flagged them as unlicensed.
• The NTC order follows BSP Circular No. 1206, reinforcing registration rules for virtual asset providers.
• Around 50 trading platforms were blocked to prevent continued operations without central bank approval.
• Regulators say access restrictions aim to protect users and enforce compliance in the digital asset sector.

Philippine ISPs block Coinbase and Gemini as regulators intensify enforcement against unauthorized digital asset platforms operating in the country. 

The National Telecommunications Commission ordered local internet providers to restrict access following a formal request from the Bangko Sentral ng Pilipinas. 

The action forms part of a broader regulatory campaign targeting unlicensed virtual asset service providers. 

Authorities said the measures aim to protect users while reinforcing compliance standards across the fast-growing digital finance sector.

BSP Directive Drives Nationwide Access Restrictions

The Philippine ISPs block Coinbase and Gemini after the NTC acted on instructions linked to central bank supervision. 

According to the commission, the order covered around 50 trading platforms lacking authorization to operate locally. The BSP requested the immediate disabling of related websites and applications. Regulators framed the move as enforcement of existing registration requirements rather than a sudden policy shift.

In a public statement shared through the Manila Bulletin, the NTC explained that the directive aligns with BSP Circular No. 1206. 

This update strengthened Section 902-N of the Manual of Regulations for Non-bank Financial Institutions. The framework sets operational rules for virtual asset providers to promote consumer protection and financial stability. The commission said the rules apply equally to domestic and foreign platforms.

The Philippine ISPs block Coinbase and Gemini also follows earlier actions against major exchanges. 

Binance was restricted in March 2024 after similar findings. More recently, the Securities and Exchange Commission warned against unlicensed platforms including OKX, Bybit, and KuCoin. 

Authorities have consistently stressed that authorization from the central bank remains mandatory for offering digital asset services.

Government Tightens Oversight of Digital Asset Services

The Philippine ISPs block Coinbase and Gemini as part of a wider government push to supervise the digital economy. 

The BSP retains authority over money service businesses under the New Central Bank Act. This law empowers the central bank to approve entities engaged in virtual asset activities. Officials maintain that enforcement actions help curb exposure to unregulated financial risks.

While the NTC did not publish a full list of affected platforms, it confirmed coordination with enforcement agencies. 

The commission issued further clarification after public attention followed the blocking of a major global exchange. In a separate online post, regulators indicated that additional international platforms could face similar measures. Monitoring efforts remain ongoing as compliance reviews continue.

The Philippine ISPs block Coinbase and Gemini reflects the regulator’s stated aim of preventing unauthorized operations. 

The NTC said restricting access limits the ability of unregistered platforms to reach Filipino users. Officials added that cooperation with the BSP will continue to safeguard users against illicit financial activities. 

All service providers were again reminded to complete registration before offering services locally.