18
A major crackdown on cryptocurrency exchanges has come from the Philippines, an Asian country. The Philippines has blocked Coinbase, Gemini, and 48 other exchanges, claiming they are operating illegally.
According to local news agency Manila Bulletin, the Philippine National Telecommunications Commission (NTC) blocked access to 50 unregistered virtual asset service providers (VASPs), including Coinbase and Gemini, effective December 22.
This blocking action was carried out at the request of the Central Bank of the Philippines (BSP).
NTC stated in its announcement that this step is part of BSP’s efforts to enforce registration requirements for entities trading in digital assets and money services. NTC indicated that by removing access to the relevant cryptocurrency exchange sites, they aim to prevent unregistered platforms from continuing to operate, thereby exposing the public to financial risks.
The NTC also reminded all financial service providers that they must comply with the central bank’s registration requirements in order to operate legally in the country.
Binance Was Also Blocked!
This latest blocking follows a similar move by the Philippines to block Binance in early 2024.
While the Philippines recently blocked Coinbase and Gemini, the country has taken similar steps against unlicensed cryptocurrency exchanges in the past.
At this point, in December 2023, 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 (SEC) 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.
*This is not investment advice.
coindesk.com
cointelegraph.com
cryptopolitan.com
en.cryptonomist.ch
thedefiant.io
