The Philippine crypto space was shaken recently after reports confirmed that the National Telecommunications Commission (NTC) ordered local internet service providers to block access to multiple cryptocurrency exchanges.

Some of the platforms affected are globally recognized exchanges used by millions of investors worldwide. The move signals a clear shift from regulatory warnings to actual enforcement and has sparked debate over whether the current approach truly protects Filipino investors.

Here is what happened, why it matters, and what this really means for crypto users in the Philippines.

What Happened?

In December 2025, Filipino users reported that several cryptocurrency exchanges suddenly became inaccessible when using local internet providers. This was later confirmed to be the result of an NTC blocking order, issued following requests from financial regulators, particularly the Bangko Sentral ng Pilipinas (BSP).

The exchanges were identified as unregistered Virtual Asset Service Providers (VASPs) in the Philippines. As a result, ISPs were instructed to block access to their websites and apps.

Which Exchanges Were Affected?

Reports indicate that more than 50 crypto-related platforms were included in the blocking order. Among the most notable names mentioned were Coinbase and Gemini, both well-known global exchanges with long operating histories.

While the full official list has not been publicly released, the message from regulators is clear: global reputation does not exempt a platform from local rules.

Important Clarification: These Exchanges Are Legitimate and Regulated

This is where many headlines become misleading.

Exchanges like Coinbase and Gemini are not unregulated platforms. In fact:

• Coinbase is regulated in the United States and is a publicly listed company
• Gemini is also regulated in the US and operates under strict compliance standards

These exchanges are registered in jurisdictions with very strict financial rules, audits, and consumer protection requirements.

The issue is not legitimacy.
The issue is local licensing.

Why Are They Still Blocked?

Philippine regulators apply a territorial rule:
If a platform offers services to Filipinos, it must be licensed in the Philippines, regardless of where it is already regulated.

Under current rules, crypto exchanges must:

• Register as a VASP with the BSP
• Establish a local presence
• Submit to Philippine regulatory oversight

If they do not, they are treated as unlicensed operators, even if they are fully compliant in other countries.

Rather than pursuing overseas companies directly, regulators enforce this through ISP-level blocking via the NTC.

Is Crypto Banned in the Philippines?

No. Cryptocurrency itself is not banned.

What is being restricted is access to exchanges that are not licensed locally. BSP-licensed platforms remain legal and accessible.

This is an enforcement action against platforms, not against crypto ownership or usage.

Can These Blocks Be Bypassed?

In practice, some users report that blocked crypto exchanges may still be reachable through technical workarounds.

One commonly discussed option is the use of Virtual Private Networks (VPNs), which route internet traffic through servers outside the Philippines. Since the NTC blocks are implemented at the ISP level, access may still be possible if traffic does not appear to originate locally.

However, accessibility does not mean safety or legality.

Risks of Using Workarounds

Using workarounds comes with real trade-offs.

First, access through VPNs or similar tools may violate the exchange’s terms of service, potentially leading to account restrictions or freezes.

Second, users lose any realistic local regulatory protection. If funds are stuck or disputes arise, Philippine regulators will not intervene since the platform is officially unlicensed locally.

Third, unreliable or free VPN services can introduce security risks, including data leaks or compromised login credentials.

Finally, regulatory enforcement can escalate. A workaround that functions today may stop working without notice.

Workarounds may allow temporary access, but they do not change the fact that the platform remains unlicensed in the Philippines.

What This Means for Filipino Investors

For investors, the impact is immediate:

• Access to certain exchanges may be cut off overnight
• Managing or moving funds may become more difficult
• Legal protection is extremely limited when using unlicensed platforms

This forces users to choose between convenience and regulatory certainty.

Blogger’s Corner: When Regulation Stops Making Sense

Here’s the uncomfortable truth.

Requiring exchanges like Coinbase or Gemini to secure a separate Philippine license borders on absurd.

These platforms are already regulated in countries like the United States, where financial oversight, audits, and compliance standards are arguably stricter than those imposed locally. Yet they are treated no differently from unknown or questionable platforms simply because they lack a Philippine registration.

At some point, regulation stops being about investor protection and becomes regulatory overreach.

Instead of recognizing credible foreign regulators or creating a lighter registration framework, the government chooses to block first. The result is that Filipino investors lose access to some of the most transparent and well-regulated exchanges globally.

Ironically, this approach may push users toward riskier workarounds or less reputable platforms, undermining the very protection regulators claim to provide.

If investor safety is truly the goal, the conversation should shift from blanket blocking to smarter regulatory cooperation.

Final Thoughts

The NTC’s blocking of crypto exchanges marks a turning point for crypto regulation in the Philippines. Enforcement is now real, but legitimacy abroad is being ignored.

For Filipino investors, access is no longer determined by how well-regulated an exchange is globally, but by whether it complies with local licensing requirements.

Whether this approach genuinely protects investors or simply limits their options is a question regulators still need to answer.