🇵🇭 Philippines Blocks Coinbase and Gemini: New Regulatory Crackdown
The Philippines is continuing its "cleanup" of the crypto market, targeting platforms without local licenses. On December 23, the National Telecommunications Commission (NTC) ordered ISPs to block access to Coinbase and Gemini websites.
A total of 50 trading platforms are on the current "blacklist" for failing to register as Virtual Asset Service Providers (VASPs). The central bank, Bangko Sentral ng Pilipinas (BSP), directed the NTC to restrict access. Operating without the required local authorization and VASP license from the BSP is the core issue.
Similar action was taken against Binance in March 2024. Authorities require a local license for legal operation in the country.
Market Implications:
Regulatory pressure is intensifying globally.Users face disruption, and platform choices are reduced, though authorities cite investor protection.
The industry is expected to face strict compliance and legalization in 2025.
#Philippines #CryptoRegulation #Coinbase #Gemini #Binance
