The Philippines blocked access to Coinbase and Gemini effective December 23, 2025, a move confirmed by regulators on December 24, 2025 that targets unlicensed virtual asset service providers (VASPs) and enforces existing licensing rules. The National Telecommunications Commission (NTC), acting under directives from the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC), signaled a pivot from informal tolerance to stricter enforcement of local virtual-asset regulations.
How the block works and what regulators are aiming to achieve
The NTC ordered Internet Service Providers (ISPs) to render the platforms inaccessible after regulators identified roughly 50 VASPs operating without authorization. The enforcement relies on network-level blocking that intercepts traffic and routes it to blocking servers, producing certificate errors and using HTTP Strict Transport Security (HSTS) to limit simple circumvention. The BSP and SEC directed the action to emphasize that operating in the Philippines without a VASP license is no longer viable. The stated direction is that unlicensed access at scale is being operationally shut down, not merely discouraged.
After Binance ,
Now Coinbase and Gemini !
Two of the world’s major crypto exchanges,
are currently inaccessible via
major internet service providers (ISPs)
in the Philippines as of December 23.Better regulate it than banning.
We need blockchain now.
Trust= Government— Pinoy.iota🇵🇭 (@IOTA_ph) December 23, 2025
Regulators positioned the move as part of a broader sweep rather than an isolated penalty. Authorities framed the objective as reducing financial crime, strengthening financial stability, and enforcing anti-money laundering (AML) and counter-terrorist-financing (CFT) obligations. The text also ties the approach to a wider trend of governments asserting control over cross-border digital finance. The message is that compliance expectations are tightening and enforcement is becoming more technical and immediate.
The block extends beyond Coinbase and Gemini and includes platforms previously targeted or viewed as noncompliant. Binance was subject to a similar block in March 2024, and other platforms cited within the enforcement perimeter include OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, Phemex, CoinEx, BitMart, and Poloniex. Users are being advised to migrate to locally registered exchanges, with Coins.ph and PDAX highlighted as regulated alternatives. The operational outcome implied by the guidance is a redirection of local activity toward licensed domestic venues.
For traders and institutions, the immediate impact is market structure degradation at the local level. Reduced access to global venues can translate into thinner liquidity and more fragmented order books for certain token pairs within the Philippines market. Hedging and derivatives users should expect operational friction that may force position adjustments and reduce cross-venue arbitrage opportunities. In practical execution terms, disruption can increase slippage and complicate large-order workflows.
For retail customers, the mechanics of the block introduce additional operational risk. Certificate errors and HSTS-based restrictions can increase confusion and elevate phishing risk as users search for alternative on-ramps and workarounds. The text argues that moving to licensed platforms reduces that security and operational exposure. The regulatory posture prioritizes compliance over short-term access, and the technical design of the block is intended to constrain channels that could facilitate illicit flows.
Overall, the NTC-led action formalizes a targeted phase of enforcement against roughly 50 unlicensed VASPs and clarifies the use of technical measures to enforce licensing rules. The near-term implication is tighter domestic control of on-ramps and a likely shift of trading volumes toward licensed local exchanges, with downstream effects on liquidity and hedging strategies.
