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Philippines blocks Coinbase and Gemini, tightening control over unlicensed exchanges
TapChiBitcoin
Internet Service Providers (ISP) in the Philippines have begun blocking access to major trading platforms like Coinbase and Gemini following orders from federal regulators.
- Legal action: The National Telecommunications Commission (NTC) has instructed ISPs to block 50 unlicensed trading platforms listed by the Bangko Sentral ng Pilipinas (BSP).
- Following Binance: This move comes after a similar ban on Binance earlier in 2024, indicating a shift from “liberalization” to strict legal enforcement in the country.
- Market contrast: While foreign exchanges are being tightened, domestic compliant businesses like PDAX and digital bank GoTyme are expanding services, allowing people to receive salaries in stablecoins or purchase cryptocurrencies directly through banking apps.
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