- Crypto giants Coinbase and Gemini are now inaccessible in the Philippines.
- The situation comes amid the crackdown on unlicensed VASPs by the country’s central bank.
- Users in the country can no longer open the websites and mobile apps of both platforms using local ISPs.
Coinbase and Gemini have become the latest casualties in the Republic of the Philippines’ aggressive crackdown on unlicensed virtual asset providers (VASPs). This comes hot on the heels of its takedown of XM Group, a platform endorsed by boxing’s eight-division world champion Manny Pacquiao.
Inaccessibility of Coinbase and Gemini in the Philippines
Coinbase and Gemini have yet to address the matter officially as of writing. However, people attempting to access their websites through the country’s major internet service providers (ISPs) since December 23 have been encountering accessibility issues. They trigger security warnings that are often present on other websites blocked by the government’s National Telecommunications Commission (NTC).
Additionally, the smartphone apps of the said crypto exchanges are inaccessible. Attempting to open them results in a connectivity error, while redirecting users to the same government-mandated security warnings.
Philippine Central Bank Targets 50 Unlicensed VASPs
The move coincides with the ongoing crackdown of the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, of unlicensed VASPs. On Monday, the Manila Bulletin reported that the NTC, acting on the central bank’s formal request, has issued a directive to immediately block access to 50 online trading platforms offering unregulated financial services.
The government hadn’t released a detailed list of affected VASPs, but it explained that the decision is part of its effort to strengthen its oversight over the digital economy. The NTC also highlighted that its action aims to prevent the operation of unregistered platforms that may expose the public to financial risks.
Furthermore, the Philippine government cited Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions, as amended by BSP Circular No. 1206 (Series of 2024), as its basis for the series of takedowns affecting money and digital asset service providers. Last year, the country blocked Binance and eToro for the same reason.
Crypto Adoption in the Philippines
The Philippines ranks ninth in Chainalysis’ 2025 Global Crypto Adoption Index Top 20. Statista estimates that crypto’s user penetration across the jurisdiction has already surpassed 10% of its population.
Coins.ph remains the most prominent and oldest active crypto exchange in the Philippines. It has over 18 million users since 2014 and offers more than 170 cryptocurrencies. The business operates under the BSP’s direct oversight.
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