The NTC acted at the BSP’s request to enforce digital asset registration, blocking 50 unregistered virtual asset service providers, including Coinbase and Gemini, with Binance also targeted. The Philippines’ National Telecommunications Commission blocked access to 50 unregistered VASPs, including Coinbase and Gemini, effective December 22, following a directive from the BSP. This step is part of BSP’s efforts to enforce registration requirements for entities trading in digital assets and money services. The NTC said that by blocking these sites, it intends to prevent unregistered platforms from continuing to operate and to protect the public from financial risks.
Binance was also blocked. This latest blocking follows a similar move by the Philippines to block Binance in early 2024.
The Philippines gave Binance a 90-day period to comply with local regulations before implementing a ban on its cryptocurrency trading platform. The Philippine Securities and Exchange Commission stated that this period was set to allow Filipinos to withdraw their funds from the exchange. After the period expired, on March 25, 2024, the NTC ordered local internet service providers to block Binance. Approximately a month later, the country’s SEC also ordered Apple and Google to block the exchange’s app from their app stores.
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