Philippines blocks unlicensed crypto exchanges such as Coinbase and Gemini
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Philippines blocks unlicensed crypto exchanges such as Coinbase and Gemini
According to Cointelegraph, the Philippines' National Telecommunications Commission (NTC) has ordered internet service providers to block several global cryptocurrency trading platforms, including Coinbase and Gemini. This move is part of the Bangko Sentral ng Pilipinas (BSP)'s campaign against unauthorized Virtual Asset Service Providers (VASPs), with around 50 trading platforms reportedly included in the blocklist. It marks a shift by Philippine regulators from informal tolerance to strict enforcement, requiring all crypto exchanges to obtain local licenses to operate in the country. A similar blocking measure was implemented against Binance in December last year.
Navigating Web3 tides with focused insightsTechFlow, on December 24, according to Cointelegraph, the Philippines' National Telecommunications Commission (NTC) has ordered internet service providers to block several global cryptocurrency trading platforms, including Coinbase and Gemini. This move is part of the Bangko Sentral ng Pilipinas (BSP)'s efforts to crack down on unauthorized Virtual Asset Service Providers (VASPs), with a reported total of 50 trading platforms placed on the blocking list.
This marks a shift by Philippine regulators from informal tolerance to strict enforcement, requiring all crypto exchanges to obtain local licenses in order to operate in the Philippines. A similar blocking measure was implemented against Binance last December.
