🇵🇭 Crypto Chaos: Philippines Says “Nope!” to Coinbase & Gemini 😱

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Hot Goss from the Crypto Jungle

  • So, the Philippines just went full “mom mode” and blocked Coinbase and Gemini. 🛑 Apparently, they’re not fans of unlicensed crypto shenanigans. 🤷‍♀️
  • The National Telecommunications Commission (NTC) was like, “ISPs, hit the brakes on 50 trading sites!” 🚨 All because the central bank was like, “Uh, they’re not on the guest list.” 📛
  • Remember when Binance got the side-eye? Yeah, now it’s got company. First a grace period in 2023, then app removals in 2024. Drama, drama, drama. 🎭

So, the Philippines is basically Marie Kondo-ing its crypto scene: “Does this exchange spark joy? No? BLOCKED.” ✨ Meanwhile, the internet’s like, “But what about blockchain innovation?!” 🤖

ISPs got the memo from the NTC, which got the memo from the Bangko Sentral ng Pilipinas (BSP). It’s like a game of telephone but with more legal jargon. 📞 Manila Bulletin spilled the tea: 50 platforms got the boot for operating without a golden ticket from the BSP. 🎟️

Regulators are all, “Consumer protection! Financial stability! No more wild west!” 🦸‍♀️ But one X user was like, “Can we get some clear rules instead of just banning everything? And maybe some blockchain love under government watch?” 🤓

Binance’s Sad Saga

Let’s rewind to December 2023. The SEC gave Binance and its pals a three-month “get your act together” grace period. ⏳ Then, in April 2024, they were like, “Google, Apple, delete that app. It’s for the children… I mean, investors.” 🛡️

Since then, OKX, Bybit, and KuCoin got the stink eye too. 🚫 Meanwhile, licensed exchanges are out here thriving, like PDAX teaming up with a payroll provider so remote workers can get paid in stablecoins. 💸 And GoTyme? They’re letting 6.5 million users dabble in crypto right in their app. Thanks, Alpaca! 🦙

The BSP and NTC are all, “We’re just trying to keep you safe from crypto cowboys and shady deals.” 🤠 If you’re curious, their rules are in Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions and BSP Circular 1206. 📚

Moral of the story? If you wanna crypto in the Philippines, get that license. Or else. ⚖️

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2025-12-24 16:21