Philippines Cracks Down: Coinbase and Gemini Blocked as Unlicensed VASPs Face Regulatory Hammer

The Philippines just slammed the door on two crypto giants. In a sweeping enforcement move, regulators have blocked access to Coinbase and Gemini, targeting unlicensed Virtual Asset Service Providers (VASPs) operating in the country.

No License, No Play

It's a simple, brutal equation for crypto exchanges now. The nation's Securities and Exchange Commission (SEC) is making it clear: if you haven't secured the proper paperwork, you're out. The block isn't a suggestion—it's a mandatory order for internet service providers to restrict access, cutting off a direct pipeline for millions in potential trading volume.

The Global Regulatory Squeeze Tightens

This isn't an isolated incident. It's another front opening in the worldwide clash between innovative crypto platforms and established financial watchdogs. Governments are no longer just watching from the sidelines; they're drawing hard lines in the sand, demanding compliance with traditional frameworks designed for a very different era of finance—proving that old regulators can indeed learn new tricks, especially when it involves control.

What's Next for Traders and Platforms?

For users in the Philippines, it's back to the drawing board. The immediate scramble will be to move assets and find compliant on-ramps. For the broader industry, the message is louder than ever: navigate the regulatory maze or get walled off. Some see it as necessary consumer protection; others call it innovation-stifling overreach. Either way, the cost of doing business in global crypto just went up—another fee, dressed in a suit and tie.

The move balances a desire for market safety with the risk of stifling access. One thing's certain: in the high-stakes game of digital finance, ignoring the rulebook is a strategy that's rapidly hitting its limit. After all, what's the point of decentralizing finance if you still have to ask for permission from a centralized authority? The irony isn't lost on anyone, except maybe the regulators cashing their perfectly traditional paychecks.

TLDR

• The Philippines has blocked Coinbase and Gemini due to unlicensed operations.
• The National Telecommunications Commission ordered ISPs to restrict access to 50 unlicensed VASPs.
• Binance was previously banned in 2024 for not complying with the Philippines’ VASP regulations.
• Regulated exchanges like Coins.ph and PDAX remain operational under local licensing rules.

On December 24, 2025, internet service providers (ISPs) in the Philippines began blocking access to major global cryptocurrency exchanges, Coinbase and Gemini. This move is part of the country’s ongoing efforts to crack down on unlicensed virtual asset service providers (VASPs).

According to reports, users in the Philippines were unable to access both exchanges, confirming that they had been included in the National Telecommunications Commission’s (NTC) recent enforcement order.

THE PHILIPPINES BLOCKS COINBASE & GEMINI

The Philippines has blocked Coinbase and Gemini as part of the government crackdown on unlicensed crypto platforms. pic.twitter.com/eUIktHag7Q

— Coin Bureau (@coinbureau) December 24, 2025

The NTC’s directive followed a mandate from the Bangko Sentral ng Pilipinas (BSP), the central bank, which flagged 50 online platforms as operating without the necessary licenses. While the full list of targeted exchanges has not been publicly released, this action signals a stronger regulatory approach toward crypto activities in the country. The BSP has emphasized that foreign exchanges are welcome to apply for licenses but must adhere to local regulations before offering services to Filipino users.

Background of the Crackdown

The BSP introduced the VASP licensing framework in February 2021, formalizing the rules for crypto platforms operating in the Philippines. However, many of the largest global exchanges, including Coinbase and Gemini, did not secure the required licenses. While the country had previously shown some leniency toward these platforms, the recent actions indicate a shift toward stricter enforcement.

In December 2023, the Philippines took similar measures against Binance, one of the world’s largest crypto exchanges. The SEC initiated a 90-day period for Binance to comply with local regulations, culminating in a block of the platform in March 2024. The enforcement was part of a broader push to ensure that crypto exchanges operate in accordance with Philippine laws, especially those related to anti-money laundering and customer protection.

Impact on Local and Global Crypto Exchanges

The current crackdown extends beyond Coinbase and Gemini, with several other exchanges such as Kraken, KuCoin, and OKX also identified by the BSP as non-compliant. These platforms, along with Gemini and Coinbase, now face restricted access in the Philippines. The NTC’s order has sparked concerns among Filipino crypto users who may find their access to these platforms cut off.

At the same time, the Philippines has maintained a regulatory framework that encourages crypto businesses to apply for local licenses. Among the exchanges that comply with these rules is PDAX, one of the country’s largest licensed platforms. PDAX, along with Coins.ph, has successfully navigated the regulatory environment and continues to operate without restrictions. These platforms offer a more secure and compliant alternative to international exchanges.

Regulatory Environment for Crypto in the Philippines

The Philippines’ regulatory stance on cryptocurrency has evolved significantly in recent years. While the country initially took a more relaxed approach toward crypto businesses, the BSP and SEC have now taken steps to create a more structured and secure market. These actions are designed to protect local users from potential fraud and financial risks associated with unregulated platforms.

Despite the ongoing crackdown, the Philippines remains open to foreign crypto businesses willing to adhere to local laws. However, any platform looking to operate in the country must establish a local presence, fulfill capital requirements, and follow anti-money laundering guidelines. This regulatory environment has paved the way for both local and international players to engage in the market in a legal and secure manner.

As the Philippines continues its crackdown on unlicensed VASPs, it remains to be seen whether other global exchanges will comply with the regulatory framework or face similar blocks. The country’s proactive stance on licensing and enforcement may serve as a model for other nations looking to regulate cryptocurrency more effectively.