Philippines Blocks 10 Major Crypto Exchanges Amid Regulatory Crackdown

Internet Service Providers (ISPs) in the Philippines have begun blocking access to several major global cryptocurrency exchanges, including OKX, Bybit, and Bitget. The move was confirmed by users who found themselves unable to access these platforms without using a virtual private network (VPN). Although no official statement from the Philippine government has been released, the action is widely seen as a step toward enforcing stricter regulatory oversight on unlicensed or non-compliant crypto services operating within the country [1].

The enforcement appears to follow a public advisory issued by the Philippine Securities and Exchange Commission (SEC) on August 1, 2025, which warned that foreign crypto platforms not registered with local authorities are violating the law [1]. By August 7, major telecom providers such as PLDT and Globe Telecom began restricting access to exchanges suspected of operating without proper licensing [2]. The list of affected platforms has grown to include ten global exchanges: OKX, Bybit, KuCoin, Kraken, MEXC, Bitget, CoinEx, Phemex, BitMart, and Poloniex. Users attempting to access these sites were shown a block page indicating that the exchanges were in violation of local regulations [1].

This development is part of a broader regulatory push introduced in June 2025, which mandated all crypto service providers to register with the SEC, disclose operational details, and meet capital requirements [1]. The crackdown has raised questions about its potential impact on the crypto market, particularly for new users. Luis Buenaventura, head of crypto at GCash, noted that while experienced traders may find ways to circumvent the restrictions, new entrants could be disproportionately affected [1]. He also emphasized the need for investor education to prevent exposure to scams and financial risks.

The enforcement has also sparked debate about regulatory motives. Some in the crypto community have accused authorities of pursuing protectionist or monopolistic strategies that favor local players over global competitors [1]. At the same time, the Philippine SEC has made it clear that the list of blocked exchanges is not exhaustive and could be expanded in the future [1].

This regulatory shift reflects a growing trend across Southeast Asia, where countries such as Thailand and Indonesia have also implemented tighter controls on unregistered crypto services. The coordinated approach suggests a regional consensus on the need for stronger oversight in the rapidly evolving crypto market.

Separately, a Singapore-based crypto exchange is facing legal action from a group of investors, highlighting increasing demands for transparency and compliance across the region [1]. While details of the lawsuit remain limited, the case underscores the growing legal and regulatory challenges faced by crypto firms operating in Asia.

As the regulatory landscape continues to evolve, the long-term effects on user behavior, market adoption, and the global crypto ecosystem remain to be seen. For now, the Philippine example demonstrates how governments are moving swiftly to assert control over digital assets, particularly in markets where adoption is rising rapidly.

Source:

[1] Philippine SEC Cuts Access to Offshore Crypto Exchanges (https://finance.yahoo.com/news/philippine-sec-cuts-access-offshore-130201212.html)

[2] Philippines Blocks Access To Major Crypto Exchanges In ... (https://financefeeds.com/philippines-blocks-access-to-major-crypto-exchanges-in-regulatory-crackdown/)