Key Insights:
- The Philippines blocked crypto exchanges like Coinbase and Gemini.
- This follows Philippines Securities and Exchange Commission (SEC) and Bangko Sentral ng Pilipinas crackdown.
- COIN stock and GEMI stocks slipped over 0.50% on Wednesday.
The Philippine regulators have blocked access to 50 unauthorized trading platforms. This action affected several crypto exchanges, including Coinbase and Gemini.
COIN and GEMI stocks dropped slightly after US investors heard the news. On Wednesday, Coinbase stock fell by 0.54%.
Coinbase and Gemini Crypto Exchanges Blocked in the Philippines
The Philippines’ National Telecommunications Commission (NTC) ordered internet service providers in the country to block crypto trading platforms.
The regulators in the country started enforcing local licensing rules for crypto service providers. The measures signal a clear intent to eliminate unregulated operators, even if they are global giants.
ISPs have blocked crypto exchanges like Coinbase and Gemini. This is part of a year-end effort to shut down 50 unregistered trading platforms, showing tighter regulation.
These ISP blocks followed an order from the National Telecommunications Commission, according to the Manila Bulletin.
The order told providers to restrict access to online trading platforms flagged by the Bangko Sentral ng Pilipinas (BSP), the central bank.
This change shows that local regulators are moving from informal tolerance to tighter enforcement, making local licensing the key requirement for crypto market access in the Philippines.
This action is a component of the government’s current efforts to protect Filipino investors and ensure that financial regulations are followed.
The Philippine SEC’s List Included Other Crypto Exchanges
The Philippines’ SEC identified 10 exchanges, including OKX, Bybit, and KuCoin, that are operating without valid licenses. The SEC said these platforms have not yet secured the licenses needed to operate in the country.
The commission said exchanges were operating without proper registration. It puts local investors at risk because they may not have legal options if disputes or losses occur.
The commission warned the public not to use any of the blacklisted exchanges, saying they may be breaking the Securities Regulation Code and other related laws.
In December 2023, the country began a 90-day countdown, giving Binance time to follow domestic rules before a ban on the crypto trading platform would take effect.
The Philippines Securities and Exchange Commission (SEC) said this period was meant to give Filipinos time to withdraw their funds from the exchange.
The NTC ordered local ISPs to block Binance. Nearly a month later, the SEC ordered Apple and Google to block the exchange’s application from their stores.
Binance co-founder Changpeng “CZ” Zhao claimed that a local player was blocking them from securing a license to operate in the Philippines.
The Philippine SEC said the blocked platforms are able to face more legal consequences if they keep trying to attract Filipino users.
Coinbase (COIN) and Gemini (GEMI) Stocks Slip
Coinbase and Gemini stocks fell during pre-market hours. These drops show how investors reacted to the Philippine SEC’s regulatory actions.
Coinbase (COIN) stock dropped by 0.54% to $240.99 amid selling pressure. On Tuesday, the crypto stock closed 2.42% lower at $242.30.
Meanwhile, Gemini (GEMI) stock fell by 0.72% to $11.01. On Tuesday, it dropped 5.54% to $11.09.
Negative sentiment in the crypto market has led to a decline in crypto stock prices in recent months.
The Philippines’ crypto market in 2025 stands at a key crossroads, shaped by a regulatory system that harmonizes innovation with investor protection.
As the government increases its oversight through the SEC and the BSP, global and local platforms face both obstacles and prospects.