Philippine regulators have escalated enforcement against unlicensed crypto platforms, marking a decisive shift in how the country governs digital asset access. Internet service providers across the Philippines began blocking major global exchanges, signaling that regulatory compliance now determines market participation. Consequently, crypto users now face a more controlled environment as authorities push platforms to secure proper authorization before offering services. Reports from local users confirmed that access to Coinbase and Gemini became unavailable on Tuesday, Dec. 24, 2025. Multiple internet providers enforced the restrictions at the same time. Besides user reports, independent checks showed both platforms remained inaccessible nationwide. The move reflects closer coordination between regulators and telecom providers to enforce financial oversight rules. Regulators Enforce Licensing Rules More Aggressively According to the Manila Bulletin, the National Telecommunications Commission issued directives to block access to 50 trading platforms. The Bangko Sentral ng Pilipinas flagged these platforms for operating without authorization. However, the central bank did not publish the full list of affected exchanges. Hence, market participants continue to assess the broader impact. Significantly, this action highlights a clear policy shift. Philippine regulators no longer tolerate informal crypto access. Instead, they now prioritize licensing as the gateway for operation. Coinbase and Gemini now join Binance on the blocked list, reinforcing the government’s message to global platforms. Binance Case Set the Enforcement Precedent The current action follows earlier enforcement against Binance. In December 2023, Philippine authorities launched a 90-day compliance window. The Securities and Exchange Commission urged users to withdraw funds during that period. Consequently, regulators moved ahead with restrictions after Binance failed to meet requirements. On March 25, 2024, the NTC ordered ISPs to block Binance. Additionally, in April 2024, regulators instructed Apple and Google to remove the Binance app from local stores. Afterward, the SEC stated it could not support recovery methods for affected users. Moreover, authorities later identified OKX, Bybit, and KuCoin among ten unlicensed exchanges. Regulated Platforms Expand as Enforcement Tightens While enforcement intensifies, compliant firms continue expanding services. On Nov. 19, 2024, regulated exchange PDAX partnered with payroll provider Toku. The service allows remote workers to receive salaries in stablecoins. Users can convert earnings to pesos without delays or wire fees. Additionally, on Dec. 8, 2024, digital bank GoTyme introduced crypto services through a partnership with Alpaca. The platform now supports 11 digital assets within its banking app. Consequently, regulators appear to encourage innovation, provided companies follow licensing rules.
