Crypto News Today: Coinbase and Gemini Lose Access in the Philippines as VASP Enforcement Tightens

Internet service providers in the Philippines have started restricting access to major crypto exchanges. Regulators are tightening enforcement of local licensing rules for virtual asset service providers, or VASPs. Users across several networks reported that Coinbase and Gemini no longer loaded on web browsers or mobile connections across multiple major local ISPs.

According to local reports, the service disruption happened on Tuesday, December 24, after the NTC circulated an enforcement memo earlier in the week. The move reflects a broader regulatory shift toward market access that depends on local authorization.

The National Telecommunications Commission (NTC) issued a memorandum directing ISPs to disable access to a list of 50 online entities that the Bangko Sentral ng Pilipinas (BSP) flagged as unlicensed or unregistered VASPs. The NTC noted that the BSP’s takedown request was based on Section 902-N of the central bank’s non-bank regulations, as amended by BSP Circular No. 1206.

NTC Order Targets Unlicensed VASPs and Online Trading Sites

Regulators framed the directive as a public protection step against unauthorized virtual asset activities. The NTC also linked the action to its support role for financial enforcement agencies.

The BSP has required VASPs to secure authority to operate and meet reporting and compliance duties. The central bank set those rules in Circular No. 1108, which outlines VASP obligations and treats VASPs as money service businesses.

The BSP did not publish the full list of platforms covered by the memorandum, according to reports. Still, the enforcement message remains clear: crypto exchanges need local licensing to keep Philippine market access.

Coinbase and Gemini Blocks Widen a Past Compliance Campaign

Coinbase and Gemini now join earlier access limits tied to licensing compliance. Regulators gave Binance a 90-day compliance window in late 2023, then directed ISPs to block the platform on March 25, 2024, after the deadline passed.

Regulators later asked Apple and Google to remove Binance’s app from local stores. The Securities and Exchange Commission has also flagged other exchanges, including OKX, Bybit, and KuCoin, for operating without licenses.

Licensed Crypto Services Expand as Access Rules Tighten

Regulators have continued to emphasize that only BSP-authorized platforms can offer VASP services in the Philippines. They have urged investors to verify registration before using online trading services.

At the same time, regulated providers have expanded local crypto products. PDAX partnered with payroll provider Toku to support salary payments in stablecoins for remote workers with conversions to pesos and fewer transfer frictions.

Digital bank GoTyme also launched in-app crypto services through a partnership with US fintech firm Alpaca. The rollout allows users to buy and store 11 crypto assets inside the bank’s application, keeping custody within a banking app.

Also Read: Coinbase Gains India Approval for CoinDCX Minority Stake