Philippines Blocks Coinbase, Gemini In Major Licensing Sweep

The order, implemented on 22 Dec 2025, targets 50 online trading platforms flagged for operating without mandatory authorization. The NTC cited Section 902-N of the Manual of Regulations for Non-bank Financial Institutions as the legal basis for the sweep. This coordinated blackout follows the precedent set in March 2024, when the NTC blocked Binance after a 90-day compliance window expired.

The move underscores a hardening of the "License or Leave" policy first signaled by the Securities and Exchange Commission (SEC) in May 2025. Under the SEC’s Crypto-Asset Service Provider (CASP) rules, any firm targeting Filipino users must incorporate locally and maintain a minimum paid-up capital of ₱100mn ($1.8mn).

The BSP also remains firm on its moratorium on new Virtual Asset Service Provider (VASP) licenses, which was extended on 28 Aug 2025 to curb systemic risk. By blocking global giants like Coinbase, regulators are funneling retail volume toward the handful of remaining licensed entities, such as PDAX and GoTyme, which operate under direct central bank supervision.

Regulators have signaled that digital blocks are only the first phase of enforcement. Following the Binance model, the SEC is expected to request that Apple and Google remove the offending applications from their local app stores to prevent users from bypassing web filters.

While the NTC did not release the full list of 50 restricted platforms, local reports suggest other major offshore exchanges are currently being monitored for similar non-compliance. The SEC warned that it cannot assist users in retrieving funds from platforms operating outside the country's regulatory framework.