Philippines blocks Coinbase and Gemini in crypto crackdown

The Philippines has ordered local internet service providers to block access to major cryptocurrency exchanges Coinbase and Gemini.

The directive was issued by the Securities and Exchange Commission as part of an intensified crackdown on unlicensed virtual asset service providers.

Regulators said the move targets foreign crypto platforms operating in the country without proper registration or approval.

Coinbase and Gemini were specifically named for failing to secure licences under the Philippines’ digital asset regulatory framework.

Both exchanges are based in the United States and have served a significant number of Filipino users

Users attempting to access the platforms through Philippine networks are now being redirected or blocked entirely.

Some users have reportedly turned to VPNs or alternative routing tools to bypass the restrictions.

The SEC said blocking access represents a step beyond earlier warnings and compliance notices.

Authorities argue that unlicensed exchanges pose risks including fraud, weak consumer protection and money laundering exposure.

Regulators said licensing requirements are designed to ensure platforms meet capital, compliance and cybersecurity standards

The enforcement action forms part of a broader effort to strengthen market oversight and investor protection.

Coinbase and Gemini were among several foreign exchanges flagged for operating without Philippine authorisation.

The ISP blocks mark a significant escalation by moving enforcement to the technical network level.

Other crypto platforms serving Filipino users are now under pressure to accelerate licensing applications.

Officials warned that further access restrictions could follow if compliance is not achieved.

The Philippines has one of the highest crypto adoption rates in Southeast Asia.

Millions of users in the country engage in crypto trading, remittances and decentralised finance activities.

Regulators said the crackdown is not intended to suppress crypto adoption.

Authorities emphasised that the goal is to protect consumers in a fast-growing and complex market.

Critics argue the blocks could fragment market liquidity for Filipino traders.

Some analysts warn the move may push users towards less regulated or offshore platforms.

There are also concerns that wider use of VPNs could reduce regulatory transparency.

Coinbase and Gemini have reportedly acknowledged the access restrictions.

Neither exchange has confirmed whether it will pursue full licensing in the Philippines.

Coinbase has previously stated it is open to working with regulators in various jurisdictions.

However, the regulatory burden for approval in the Philippines is considered substantial.

Requirements include capital thresholds, compliance systems and local partnership obligations.

The SEC said enforcement is necessary to maintain orderly and fair digital asset markets.

Lawmakers have backed the regulator’s approach as part of broader financial consumer protection efforts.

The decision signals a tougher stance on cross-border crypto operations.

It also reflects a global trend toward stricter oversight of unlicensed exchanges.

Industry observers said the balance between innovation and regulation remains a key challenge.

The Philippines’ actions highlight how national regulators are asserting authority over global crypto platforms.

The outcome may influence how other Southeast Asian markets approach enforcement.