Philippines cracks down on unlicensed virtual asset service providers, blocks Coinbase and Gemini

Mars Finance News, according to Cointelegraph, the Philippine internet service provider (ISP) has begun blocking major cryptocurrency trading platforms, following increased regulatory efforts to strengthen local licensing oversight of cryptocurrency service providers. Some users have reported that Filipino users are unable to access global cryptocurrency exchanges Coinbase and Gemini, and multiple local ISPs are unable to access these two platforms. The ISP blocking actions are carried out under orders from the National Telecommunications Commission. The order instructs service providers to restrict access to 50 online trading platforms that the Bangko Sentral ng Pilipinas (BSP) has deemed to be operating without authorization. The Bangko Sentral ng Pilipinas has not published a complete list of affected platforms. However, this change indicates that local regulators are shifting from an informal tolerance stance to enforcement, with local licensing becoming a decisive factor for market access in the Philippines’ cryptocurrency sector.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin

Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)