Philippines blocks Coinbase, Gemini, 50 other crypto platforms in major regulatory crackdown

The Philippines has blocked access to 50 online cryptocurrency exchanges, including Coinbase and Gemini, following a directive from the National Telecommunications Commission and the Bangko Sentral ng Pilipinas. The action is part of an ongoing effort to enforce local registration and licensing rules for virtual asset service providers. The regulators aim to prevent exposure of the public to financial risks tied to unregistered services, but the short-term effect has been disastrous for investors, with temporary asset liquidity freezes and attempts to transfer assets to foreign locations.