Multiple crypto exchanges like Coinbase and Gemini have reportedly been made unavailable in the Philippines this week. The development is being reported as part of the country’s efforts to crackdown on unlicensed crypto operations and make the sector safer for engagement.
Philippines-based crypto publication BitPinas shared screenshots from the now restricted crypto platforms on social media.
When being accessed, the websites of these platforms display the message, “The site has been ordered blocked by the National Telecommunications Commission (NTC) pursuant to existing laws, rules, and regulations. Please leave this page.”
As per reports, around 50 online trading platforms have been blocked in Philippines as part of this order. The central bank of the country — Bangko Sentral ng Pilipinas (BSP) — has flagged these platforms for running authorized operations.
For now, an official list of blocked platforms from official government sources is yet to be released. More details on the compliance statuses of these blocked platforms also remain awaited for now.
As of now, neither Gemini nor Coinbase have released statements addressing the situation.
The Philippines SEC oversees the crypto sector there. It requires platforms to register as Crypto Asset Service Providers (CASPs) and adhere to investor protection and KYC/AML guidelines.
Earlier in August, Philippines had banned OKX, ByBit, KuCoin, Kraken, MEXC, and Bitget among other exchanges for being in violation of the CASP registration.