Philippines Blocks Coinbase and Gemini Following Regulatory Orders
On June 24, the Philippine telecom regulator directed ISPs to block 50 unlicensed crypto platforms, including Coinbase and Gemini, to enforce VASP licensing compliance.
Fact Check
The evidence provided strongly and consistently supports the truthfulness of the statement. Multiple high-authority sources, including major Philippine news networks (ABS-CBN, ANC, GMA News) and reputable crypto news outlets (Cointelegraph, BitPinas), confirm that a Philippine government agency, the National Telecommunications Commission (NTC), ordered the blocking of online trading platforms. Several of these sources, which have perfect relevance to the query, explicitly name Coinbase and Gemini as being among the platforms targeted by this order. The reports are consistent in their narrative, explaining that the NTC's directive was issued at the request of the country's central bank, the Bangko Sentral ng Pilipinas (BSP), due to the platforms operating without the necessary licenses. There are no contradictions in the evidence provided. The high degree of corroboration across credible, independent sources makes it highly probable that the government of the Philippines did indeed order the blocking of Coinbase and Gemini.
Summary
On June 24, the Philippine National Telecommunications Commission ordered internet service providers to restrict access to 50 cryptocurrency trading platforms operating without Virtual Asset Service Provider (VASP) licenses. The list includes major U.S. exchanges Coinbase and Gemini. The directive, based on Bangko Sentral ng Pilipinas findings, is part of a broader crackdown on unlicensed digital asset services in the country.
Terms & Concepts
- Virtual Asset Service Provider (VASP) license: A regulatory authorization required for entities offering cryptocurrency transactions or related services, ensuring compliance with local laws.
- National Telecommunications Commission (Philippines): The government agency overseeing telecommunications services and enforcing related regulations in the Philippines.
- Bangko Sentral ng Pilipinas (BSP): The central bank of the Philippines, responsible for regulating monetary policy and overseeing financial institutions, including licensing for virtual asset service providers.