Philippines Blocks Coinbase, Gemini: 50 Platforms Hit in Major Regulatory Crackdown

Core Insights - Internet users in the Philippines have lost access to major global cryptocurrency exchanges due to local internet service providers blocking these platforms following regulatory orders [1][2] - The National Telecommunications Commission (NTC) issued a directive to restrict access to 50 online trading platforms identified by the Bangko Sentral ng Pilipinas (BSP) as operating without authorization [2][3] - The enforcement is part of an ongoing effort to ensure compliance with local registration and licensing rules for virtual asset service providers [3][4] Regulatory Framework - The updated financial regulations under BSP Circular No. 1206 emphasize consumer protection, financial stability, and the central bank's authority over money services and digital assets [3][4] - By blocking noncompliant platforms, regulators aim to mitigate financial risks associated with unregistered services [4] Impact on Traders - The immediate effect on investors has been severe, with many users unaware of the blocks, leading to account cancellations and inability to withdraw funds from frozen accounts [5] - Local traders are experiencing temporary asset liquidity freezes and are attempting to transfer assets to foreign locations [6] - Regulators have stated that users of unregistered platforms have no legal recourse for funds that are lost, stolen, or trapped due to these enforcement measures [6] Industry Shift - This crackdown represents one of the most significant changes in regulated cryptocurrency activity in the Philippines [7]