Philippines ISPs Block Major Crypto Exchanges Over Licensing Rules

Philippine internet providers restrict global crypto exchanges after regulator orders, tightening oversight to protect investors and enforce digital asset compliance nationwide.

Philippine internet service providers have blocked major crypto exchanges as regulators enforce licensing rules. The move comes upon official instructions focusing on unauthorized crypto platforms. As such, some global exchanges became inaccessible to local users. The move is an indication of a more stringent regulatory approach towards crypto activity across the country.

Regulators Enforce Blocks on Unlicensed Crypto Platforms

The National Telecommunications Commission ordered ISPs to limit access to unlicensed platforms. This directive was based on a formal request from the Bangko Sentral ng Pilipinas. The central bank discovered almost 50 platforms that were operating without authorization. Therefore, providers went on to damage access blocks throughout networks.

Coinbase and Gemini were blocked with the order in December 2025. Earlier, Binance was blocked in March 2024 following warnings issued in November 2023. Meanwhile, the Securities and Exchange Commission has called out other exchanges. These are OKX, Bybit, and KuCoin among others.

The NTC said the measure supports the BSP registration requirements. It added that enforcing is to protect consumers and keep the economy financially sound. Accordingly, the action is in line with updated supervisory rules. These rules cover local digital asset and money service providers.

The BSP cited Section 902-N of its Manual of Regulations for Non-bank Financial Institutions. This section has been amended under BSP Circular No. 1206. It provides guidelines for operational standards for virtual asset service providers. Importantly, the framework focuses on transparency and risk management.

In addition, the government wants to have stronger oversight on digital economy. The BSP maintains supervision over the banks by virtue of the New Central Bank Act. This law permits it to authorize the provision of money and virtual asset services. Therefore, enforcement is simply a reflection of existing legal mandates, not a new policy.

SEC Rules Tighten as User Access Faces Disruption

Alongside BSP actions, the SEC has cracked down on the enforcement of crypto rules. Its Crypto Asset Service Provider framework came into force from July 2025. These rules apply to any platform serving Filipino users. As a result, foreign exchanges have to satisfy local standards of compliance.

Under the rules, platforms shall be required to register as Philippine corporations. In addition, they must have paid-up capital of ₱100 million, or about $1.8 million. Additionally, platforms must comply with anti-money laundering requirements. Consumer protection standards are also still mandatory.

The SEC claims that unlicensed platforms are dangerous for investors. These are frauds, total fund losses and exposure to illicit finance. According to the regulators, only the licensed exchanges provide legal protection. Therefore, compliance is still required for participation in the market.

Following SEC advisories, the major ISPs implemented the blocks. Providers include PLDT, Smart. Users who are trying to gain access frequently encounter notices about regulatory violations. As a result, some users experience login or withdrawal problems.

Blocked or restricted platforms, such as OKX, MEXC, Bybit, and KuCoin. Others include Bitget, Kraken, CoinEx and Phemex. BitMart and Poloniex are also hit. Coinbase and Gemini were added to the list in December 2025.

Regulators recommend that users take licensed local exchanges into account. Examples of recommended platforms are PDAX and CoinsPH. These services comply with Philippine regulations. Ultimately, the goal of authorities is to safeguard investors and make the digital asset market more stable.

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