The blocking by internet service providers followed an order from the National Telecommunications Commission (NTC) requiring telecom operators to restrict access to 50 trading platforms.
The Bank of the Philippines (BSP) labeled them as services operating in the country without regulatory approval.
The Philippines has previously taken tough measures to combat unlicensed crypto exchanges. In December 2023, local authorities gave Binance, the world's largest crypto exchange, just 90 days to comply with requirements to continue operating in the country. Filipino traders had three months to withdraw their funds from the platform. Later, the Securities and Exchange Commission (SEC) and the NTC ordered local internet service providers to block Binance, and the SEC subsequently ordered Apple and Google to block the exchange's app from their stores.
Meanwhile, locally regulated services are seeking to expand their infrastructure in the Philippine market. In early December, digital bank GoTyme launched cryptocurrency services in the Philippines, signing a deal with American fintech company Alpaca.
In August, the Philippines' SEC charged several major crypto exchanges, including OKX, Bybit, KuCoin, and Kraken, with illegal activity and lack of licensing. The agency required the exchanges to register, comply with anti-money laundering (AML) regulations, and implement a know-your-customer (KYC) process.