Philippine Regulators Block Major Global Crypto Exchanges, Escalating Licensing Enforcement

Philippine regulators have escalated enforcement by ordering internet service providers nationwide to block access to several major global cryptocurrency exchanges. Reports confirmed that Company Coinbase and Company Gemini became unreachable on Tuesday, Dec. 24, 2025, with multiple ISPs simultaneously enforcing restrictions. Independent checks showed both platforms remained inaccessible across the country, signaling a coordinated move by authorities to make licensing the key gateway for digital asset operations.

The action follows a pattern set earlier with Company Binance, which faced a regulatory compliance window in December 2023 and subsequent ISP blocks in March 2024 when Philippine regulators moved decisively after Binance failed to meet local requirements. That precedent — combined with notices identifying other unlicensed platforms such as Company OKX, Company Bybit, and Company KuCoin — demonstrates that regulators will use telecom coordination to enforce financial oversight.

Regulatory bodies are central to this shift. According to a report by Manila Bulletin, the National Telecommunications Commission (NTC) issued directives to block access to 50 trading platforms after the Bangko Sentral ng Pilipinas flagged them for operating without authorization. The Securities and Exchange Commission and other authorities have not published a full list, leaving market participants and users to assess broader impacts. The core message is clear: informal or unauthorized market access will no longer be tolerated.

The immediate consequence for Philippine crypto users is a more controlled environment. Users who previously relied on global platforms for trading, custody, or on- and off-ramps may now confront service disruption and the need to move funds to regulated venues. The regulators’ coordination with telecoms marks a practical enforcement tool: blocking at the ISP level restricts access effectively and quickly, pushing users toward licensed alternatives.

At the same time, regulators appear to encourage innovation under compliant frameworks. Company PDAX expanded services via a partnership with payroll provider Company Toku, enabling remote workers to receive salaries in stablecoins and convert to pesos without wire fees. Likewise, Company GoTyme introduced crypto services in partnership with Company Alpaca, offering 11 digital assets inside its banking app. These developments show that licensed entities can grow services while unlicensed platforms face restrictions.

Market implications are multifold. First, liquidity and user access may temporarily compress as major exchanges are blocked, potentially increasing spreads and execution costs on domestic exchanges. Second, volatility may rise as users rebalance or withdraw funds. Third, regulators’ clear preference for licensed operations may encourage global platforms to pursue formal authorization or exit the market. For exchanges considering compliance, the Philippines now sends a strong signal that licensing and local cooperation with telecoms and financial supervisors are non-negotiable.

What to watch next: whether the Bangko Sentral ng Pilipinas and the SEC publish the full list of affected platforms, whether major global exchanges pursue licensing, and how local regulated exchanges respond to increased demand. The enforcement approach — mixing financial supervision with telecom-level blocking — could become a model for other jurisdictions seeking to control unauthorized crypto services.