Philippines Blocks Coinbase and Gemini in VASP Crackdown

The Philippines has blocked access to major cryptocurrency exchanges Coinbase and Gemini as regulators intensify enforcement against unlicensed virtual asset service providers. Internet service providers began restricting access to both platforms on Tuesday following orders from the National Telecommunications Commission.

Philippine ISPs have blocked Coinbase and Gemini after the National Telecommunications Commission (NTC), citing the Bangko Sentral ng Pilipinas (BSP), ordered access restrictions on around 50 unauthorized trading platforms. The country previously blocked Binance in March 2024,…

— Wu Blockchain (@WuBlockchain) December 24, 2025

The directive came after the Bangko Sentral ng Pilipinas flagged 50 online trading platforms operating without proper authorization. Coinwaft confirmed that users across multiple local ISPs also confirmed they could no longer access the two global exchanges. The central bank has not released a complete list of affected platforms.

AMID BSP REQUEST…

IBKR… and now VASPs?
Merry Christmas Pilipins!😂

Who is lobbying so Juan Dela Cruz can’t access offshore markets?

Remember when CZ of Binance hinted that their entry in the Philippines was blocked by the lobbying of an incumbent?https://t.co/Nk8Vpe44eR pic.twitter.com/4Om6iUyQkj

— Financial Freedom by Mokongboy (@mokongboy) December 23, 2025

This enforcement action marks a significant shift from informal tolerance to strict regulatory compliance. Local licensing has become the deciding factor for cryptocurrency market access in the country.

Philippines Expands Enforcement Against Global Exchanges

The Philippines has a history of taking action against unlicensed crypto platforms. In December 2023, regulators gave Binance a 90-day deadline to comply with local regulations before imposing a ban.

The Securities and Exchange Commission stated the grace period allowed Filipino users to withdraw their funds from the exchange. On March 25, 2024, the NTC ordered ISPs to block Binance entirely.

Nearly a month later, the SEC directed Apple and Google to remove the Binance application from their app stores. Following the ban, the SEC stated it could not endorse methods for Filipinos to retrieve remaining funds.

More recently, the SEC identified 10 additional exchanges operating without licenses. These include OKX, Bybit, and KuCoin. The regulatory net continues to widen as authorities pursue unregistered operators.

The NTC cited Section 902-N of the Manual of Regulations for Non-bank Financial Institutions as legal basis. BSP Circular No. 1206 recently updated this regulatory framework governing virtual asset providers.

The commission stated the move aims to prevent unregistered platforms from exposing the public to financial risks. The BSP maintains supervisory authority over money service businesses under the New Central Bank Act.

This legislation empowers the central bank to authorize any entity engaging in money and virtual asset services. All financial service providers must adhere to registration requirements to operate legally in the Philippines.

The NTC said it will continue monitoring compliance and acting on BSP requests. The goal is safeguarding Filipino users against illicit activities in the virtual asset space.

Argentina Takes Opposite Approach to Crypto Banking

Meanwhile, Argentina’s central bank is considering lifting its ban on traditional financial institutions offering cryptocurrency services. The Banco Central de la República Argentina may soon allow banks to provide digital asset trading and custody.

🚨 JUST IN: ARGENTINA’S CENTRAL BANK CONSIDERS LIFTING THE BAN ON CRYPTO SERVICES, A MAJOR STEP TOWARD MAINSTREAM ADOPTION AND FINANCIAL INNOVATION. pic.twitter.com/69kQecmygF

— Coinwaft (@coinwaft) December 8, 2025

This potential policy reversal marks a significant departure from years of explicit prohibition. President Javier Milei’s administration is reportedly evaluating the regulatory overhaul.

His government has expressed pro-market and crypto-sympathetic positions since taking office. Argentina already ranks among the world’s most active crypto-adopting nations.

Chronic inflation and peso volatility have driven millions of citizens toward Bitcoin and stablecoins. Many Argentines use US dollar-pegged tokens to preserve savings against currency depreciation.

The proposed changes would bring this massive existing activity into the regulated banking sector. The contrasting approaches highlight divergent global strategies for cryptocurrency regulation.

While the Philippines tightens controls on unlicensed operators, Argentina appears ready to embrace institutional crypto adoption. Both nations face unique economic conditions driving their respective regulatory directions.