Internet users in the Philippines are losing access to major global cryptocurrency exchanges due to local ISPs blocking platforms like Coinbase and Gemini. The move follows regulators’ orders to restrict 50 unlicensed online trading platforms. The crackdown aims to enforce local registration and licensing rules to protect consumers and financial stability under BSP Circular No. 1206.
The National Telecommunications Commission directed ISPs to block unauthorized platforms, causing disruptions for investors. The enforcement measures aim to prevent financial risks associated with unregistered services. Traders faced account cancellations, frozen assets, and restrictions on transferring funds out of the country. Regulators emphasize compliance with financial regulations and anti-money laundering controls to safeguard against fraud and market manipulation.
The crackdown on unlicensed crypto exchanges in the Philippines has intensified, affecting major international platforms and prompting warnings to users of unregistered services. The Securities and Exchange Commission called for increased compliance with regulations to prevent unlawful financial transactions and protect investors. Regulators are implementing a series of measures to regulate the crypto sector effectively.
In a bid to regulate the crypto sector, the Philippines imposed a 90-day grace period on Binance to comply with licensing requirements or face being blocked by ISPs. Additional unregistered platforms like OKX, Bybit, and Kraken have been warned for unauthorized operations. The SEC introduced formal regulations for crypto service providers to enhance consumer protection and cybersecurity.
Despite the crackdown on unlicensed platforms, regulated crypto activity is on the rise in the Philippines. The PDAX local exchange introduced remote worker stablecoin payroll services, and the licensed crypto digital bank GoTyme launched in-app crypto services. Regulators are working on new regulations, including the Crypto-Assets Service Provider rule, to foster innovation and compliance in the sector.
Read more at Yahoo Finance: 50 Platforms Hit in Major Regulatory Crackdown