Philippines Cracks Down on Unlicensed Virtual Asset Service Providers, Blocks Coinbase and Gemini

BlockBeats News, December 24th, according to Cointelegraph, internet service providers (ISPs) in the Philippines have started blocking major cryptocurrency exchanges as regulatory authorities ramp up local licensing oversight of cryptocurrency service providers. Users have reported that Filipino users are unable to access global cryptocurrency exchanges Coinbase and Gemini, with several local ISPs blocking access to these platforms. The ISPs' blocking actions were carried out based on orders from the National Telecommunications Commission.

The order instructed service providers to restrict access to 50 online exchange platforms identified by the Philippine Central Bank (BSP) as operating without authorization.