Philippines Blocks Coinbase and Gemini in Major Crypto Exchange Crackdown

The Philippines just slammed the door on two crypto giants. Coinbase and Gemini are officially blocked—part of a sweeping regulatory clampdown that's reshaping the nation's digital asset landscape overnight.

Regulators Draw a Hard Line

This isn't a warning shot—it's a full blockade. The move signals a dramatic shift from the Philippines' previously welcoming stance, catching international exchanges and local traders off-guard. The official order cites non-compliance with local licensing, but the message is clear: play by our rules or get out.

The Ripple Effect for Traders

For Filipino investors, it's a sudden liquidity crunch. Access to two major global platforms vanishes instantly, forcing a scramble to compliant alternatives. The timing couldn't be worse—right as institutional interest in crypto hits new highs globally. It's the classic regulatory whiplash: one day you're trading freely, the next you're navigating a fractured market.

A Global Trend Goes Local

Manila's crackdown mirrors actions from Seoul to London—governments worldwide are tightening the screws. But here's the twist: while major economies craft nuanced frameworks, emerging markets are opting for the blunt instrument. It's a risky bet that could push innovation underground or into less regulated corners of the internet.

What's Next for Crypto in the Philippines?

Expect a short-term chill. Trading volumes will dip, and uncertainty will spike. But crypto never really disappears—it just adapts. Decentralized exchanges and peer-to-peer networks could see a surge as users bypass traditional gatekeepers. The long game? Either exchanges rush to comply, or the Philippines risks isolating itself from the next wave of financial innovation. After all, nothing says 'stable investment climate' like abruptly changing the rules—just ask any traditional banker who lived through 2008.

Coinbase and Gemini Added To The Expanding Block List

The inclusion of Coinbase and Gemini places them alongside Binance, which was blocked earlier this year after failing to secure the required licenses. However, in December 2023, regulators told Binance to comply within 90 days so that Filipino clients could withdraw funds.

Upon expiration of the said period, NTC instructed internet firms to block Binance on March 25, 2024. A couple of weeks after that, the SEC told Apple and Google to remove Binance from their app stores.

However, since the ban began, the enforcement has escalated. Recently, the SEC has noted the operations of various international exchanges, which include OKX, Bybit, and KuCoin. The NTC has not revealed the entire list of platforms.

However, the officials announced additional blocking actions in the future as the scrutiny increases. The blocking actions are carried out in collaboration through various agencies dealing with enforcement.

Regulated Players Expand As Rules Tighten

Despite limited interaction with the unlicensed platforms, the regulated firms continue to provide crypto services.

In November, the partnered licensed exchange PDAX and payroll provider Toku enabled freelance workers to receive payments in stablecoins. Now, freelancing workers can quickly receive peso conversions without wire transfer delays.

In December, digital bank GoTyme introduced crypto functions by collaborating with US federal Alpaca and provided customers access to 11 digital assets via the banking app.