Coinbase Among Major Exchanges Blocked in Philippines as Regulatory Crackdown Intensifies

In a significant regulatory development, Philippine authorities have initiated a widespread crackdown on unlicensed cryptocurrency exchanges, with internet service providers ordered to block access to approximately 50 platforms including industry giants Coinbase and Gemini. The National Telecommunications Commission, acting on directives from financial regulators, has enforced these restrictions against trading platforms operating without proper authorization from the Bangko Sentral ng Pilipinas (BSP), the country's central bank. This coordinated action represents a pivotal shift toward stricter oversight of digital asset services in the Philippines, signaling regulators' intent to bring cryptocurrency operations within established licensing frameworks. The move follows increasing global regulatory scrutiny of cryptocurrency exchanges and reflects concerns about consumer protection, financial stability, and compliance with anti-money laundering standards. Market participants and industry observers are closely monitoring the situation, as these restrictions could significantly impact cryptocurrency accessibility and trading volumes in the Philippine market while potentially setting precedents for other Southeast Asian nations considering similar regulatory measures. The blocking of major international platforms like Coinbase—which has pursued regulatory compliance in numerous jurisdictions—highlights the challenges global exchanges face in navigating diverse national regulatory landscapes. This development occurs amid growing cryptocurrency adoption in the Philippines, where digital assets have gained popularity for both investment and remittance purposes. The regulatory crackdown may accelerate consolidation toward licensed domestic exchanges while prompting unlicensed platforms to either pursue formal authorization or exit the market. As of December 2025, this enforcement action underscores the ongoing tension between innovation and regulation in the cryptocurrency sector, with implications for investor access, market competition, and the future development of digital asset infrastructure in emerging economies.

Philippines Cracks Down on Unlicensed Crypto Exchanges

Philippine internet providers have begun blocking access to major cryptocurrency exchanges, including Coinbase and Gemini, as regulators enforce licensing requirements. The National Telecommunications Commission ordered ISPs to restrict approximately 50 trading platforms operating without authorization from the central bank.

The move signals a regulatory shift toward stricter oversight of digital asset services in the country. Market participants report widespread accessibility issues, sparking debate about the balance between consumer protection and innovation in Southeast Asia's emerging crypto hub.

Bitcoin's Coin Days Destroyed Metric Plunges Following Major Coinbase Transfer

Bitcoin's recent pullback has left its mark on key on-chain metrics, with Coin Days Destroyed (CDD) — a measure of dormant coins re-entering circulation — dropping sharply after a significant BTC movement from Coinbase. The decline signals a potential inflection point in market structure, as liquidity dynamics and investor behavior undergo subtle but consequential shifts.

Analysts point to the CDD slump as more than routine volatility, framing it as a cyclical turning point that could dictate Bitcoin's next major price trajectory. The metric's fall coincides with Leveraged positions normalizing across exchanges, suggesting a broader recalibration of risk appetite among traders.