Philippines blocks Coinbase, Gemini amid wider crackdown on unlicensed VASPs

cointelegraphPubblicato 2025-12-24Pubblicato ultima volta 2025-12-24

Introduzione

Amid a wider crackdown on unlicensed virtual asset service providers (VASPs), the Philippines has blocked access to major global cryptocurrency exchanges Coinbase and Gemini. The National Telecommunications Commission directed local internet service providers to restrict access to 50 platforms flagged by the central bank for operating without authorization. This action signifies a regulatory shift from informal tolerance to strict enforcement, making local licensing mandatory for market access. The country had previously banned Binance and identified other unlicensed exchanges like OKX, Bybit, and KuCoin. Meanwhile, regulated entities are expanding crypto services, with partnerships enabling stablecoin payroll and banking-integrated crypto trading.

Internet service providers (ISPs) in the Philippines began blocking major crypto trading platforms as regulators moved to enforce local licensing rules on crypto service providers.

Users reported that as of Tuesday, access to global cryptocurrency exchanges Coinbase and Gemini was unavailable in the Philippines. Cointelegraph independently confirmed that both platforms were inaccessible across multiple local ISPs.

A report by the Manila Bulletin said the ISP blocks followed an order from the National Telecommunications Commission, which directed providers to restrict access to 50 online trading platforms flagged by the Bangko Sentral ng Pilipinas (BSP), the central bank, as operating without authorization.

The central bank did not publish a full list of the platforms hit by the order. However, the change signals an ongoing shift by local regulators from informal tolerance to enforcement, making local licensing the deciding factor for crypto market access in the Philippines.

*Crypto exchange Coinbase is now inaccessible in the Philippines. Source: Cointelegraph*

Coinbase, Gemini join Binance in Philippines access block

While the Philippines has only recently blocked Coinbase and Gemini, the country has made enforcement moves against unlicensed crypto exchanges in the past.

In December 2023, the country started a 90-day countdown, giving Binance time to comply with local regulations before enforcing a ban on the crypto trading platform.

The Philippines Securities and Exchange Commission (SEC) said the period was meant to allow Filipinos to remove their funds from the exchange.

On March 25, 2024, the NTC ordered local ISPs to block Binance. Nearly a month later, the SEC ordered Apple and Google to block the exchange’s application from their stores.

After the ban was enforced, the Philippines SEC said it could not endorse ways for Filipinos to retrieve their funds.

More recently, the SEC identified 10 exchanges, including OKX, Bybit and KuCoin, operating without licenses.

Related: Grab deepens stablecoin push with StraitsX Web3 wallet and settlements

Regulated players roll out crypto products

While the country cracks down on unregulated platforms, compliant companies have been rolling out crypto-related infrastructure in the country.

On Nov. 19, regulated crypto exchange PDAX partnered with payroll provider Toku to let remote workers receive their salaries in stablecoins. This allows workers to convert earnings to pesos without wire fees or delays.

On Dec. 8, digital bank GoTyme rolled out crypto services in the Philippines following a partnership with US fintech firm Alpaca. With the rollout, 11 crypto assets can be bought and stored through the platform's banking application.

Magazine: Sei wallets in Xiaomi, Bhutan’s gold on Solana: Asia Express

Domande pertinenti

QWhy did the Philippines block access to Coinbase and Gemini?

AThe Philippines blocked access to Coinbase and Gemini because the National Telecommunications Commission, acting on an order from the central bank (BSP), directed ISPs to restrict access to these and other platforms flagged for operating without a local license.

QWhich government bodies were involved in the enforcement action against unlicensed crypto exchanges?

AThe enforcement action involved the Bangko Sentral ng Pilipinas (BSP), which flagged the unlicensed platforms, and the National Telecommunications Commission (NTC), which ordered internet service providers to block them. The Securities and Exchange Commission (SEC) was also involved in actions against other exchanges like Binance.

QWhat was the previous major enforcement action taken against an unlicensed crypto exchange in the Philippines before Coinbase and Gemini?

APrior to blocking Coinbase and Gemini, the Philippines enforced a ban on Binance. This process began with a 90-day countdown in December 2023 and culminated in the NTC ordering ISPs to block the platform in March 2024, followed by the SEC ordering its removal from app stores.

QWhat is the significance of this crackdown for the regulatory environment in the Philippines?

AThe crackdown signifies a major shift in the Philippines' regulatory stance, moving from informal tolerance to strict enforcement. It establishes local licensing as the decisive factor for crypto market access, prioritizing consumer protection and regulatory compliance.

QDespite the crackdown, what crypto-related services are being launched by compliant companies in the Philippines?

ACompliant companies are rolling out new services. Regulated exchange PDAX partnered with Toku to enable salaried payments in stablecoins, and digital bank GoTyme, in partnership with Alpaca, launched a service allowing users to buy and store 11 different crypto assets through its banking app.

Letture associate

How Likely is it for TradeXYZ to Go Solo from Hyperliquid?

The article analyzes the possibility of TradeXYZ, a dominant project on Hyperliquid's HIP-3 real-world asset (RWA) perpetual contracts market, splitting off to build its own independent trading platform. With TradeXYZ commanding over 90% of HIP-3 volume and over 35% of Hyperliquid's total open interest, its leverage and influence are significant. The primary motive for a split is seen as capturing the underlying protocol fees, of which TradeXYZ currently receives only half. However, several factors strongly discourage such a move. First, replicating Hyperliquid's high-performance infrastructure would be challenging and could degrade TradeXYZ's product quality. Second, Hyperliquid serves as a crucial distribution channel, with most users accessing TradeXYZ's liquidity through its frontend. Third, the close, trusting relationship between the founders of both projects makes a hostile "betrayal" unlikely. The conclusion is that a split would likely result in a lose-lose scenario. Hyperliquid would lose its main growth narrative and see its valuation impacted, while TradeXYZ would face immense technical hurdles, lose its primary user channel, and damage its reputation. Instead of a full separation, the more probable path is for TradeXYZ to negotiate better terms while deepening integration, focusing on enhancing its own brand and user ownership.

marsbit28 min fa

How Likely is it for TradeXYZ to Go Solo from Hyperliquid?

marsbit28 min fa

"Teletubbies" Robot Cleaning Service, $30/Hour, Pure·Manual·Intelligence

Anthropomorphic "Teletubby" robot offers cleaning services in San Francisco at $30/hour, but it's entirely remote-controlled. The robot, created by startup Tau Robotics, can perform household tasks like washing hands, mopping floors, and taking out trash. While the initial demo videos appear impressive and are notably shown at normal speed (unlike many sped-up robot demos), the company reveals the actions are performed via human teleoperation, not autonomous AI. Tau Robotics, founded in 2024, argues this "cheat" is a strategic way to bridge the current capability gap, ensure task completion, and collect real-world home data to eventually train autonomous systems. Their service features three robot models: Chelsea for kitchens/bathrooms, Elon for regular tidying with memory, and Tony for deep cleaning. Priced at $30 per hour, it's cheaper than average human cleaners in the US. The article discusses the broader challenge of deploying humanoid robots in homes, comparing Tau's approach to others like China's Ziliang and the US's 1X Neo, which also use teleoperation. A key reason for choosing a humanoid form is to make remote control more intuitive for human operators. The piece also notes the potential "emotional value" of having a humanoid servant. The service is currently invite-only in San Francisco.

marsbit42 min fa

"Teletubbies" Robot Cleaning Service, $30/Hour, Pure·Manual·Intelligence

marsbit42 min fa

From South Korea to the United States: Blue-Collar Jobs Are Becoming Increasingly Popular, Thanks to AI

AI is reshaping the labor market's value proposition. The traditional four-year college degree is losing its appeal as a guaranteed career path, while skilled blue-collar trades like electricians, welders, and plumbers are experiencing historic demand and wage premiums. This shift is driven by dual pressures: AI's displacement of certain white-collar roles and a booming need for physical infrastructure and data center construction. Data confirms the trend. In the U.S., vocational school revenue surged, and a significant portion of recent layoffs are AI-related. Surveys show a majority of Gen Z adults plan to pursue blue-collar work, citing better job security against AI automation. Vocational education interest has exploded recently. Experts cite a psychological shift as younger generations seek tangible, AI-resistant careers and avoid high student debt. In many cases, salaries for skilled trades now match or exceed those requiring a bachelor's degree. In South Korea, semiconductor vocational high schools boast near-total employment, with graduates securing high-paying roles at companies like Samsung. The shortage is structural, exacerbated by a retiring baby boomer workforce and massive infrastructure projects. Companies like JPMorgan Chase, Meta, and Lowe's are investing heavily in training programs. However, overcoming historical stigma and a "perception gap" around trade careers remains a key challenge to closing the talent gap.

marsbit1 h fa

From South Korea to the United States: Blue-Collar Jobs Are Becoming Increasingly Popular, Thanks to AI

marsbit1 h fa

Qualcomm: AI Hype Subsides, When Will Smartphones Emerge from the Gloom?

Qualcomm reported its Q3 FY2026 results (ending June 2026), with revenue of $9.95B, down 4% YoY but above expectations. Gross margin declined to 53.1%, pressured by rising costs across manufacturing and memory. Key business segments showed mixed performance: Handset revenue fell 19.6% YoY to $5.09B, dragged by an 11% decline in non-Apple Android shipments and weaker high-end mix. Conversely, Automotive revenue surged 61% to $1.59B, and IoT grew 9% to $1.83B. Core operating profit dropped 41% YoY due to margin compression and higher expenses. Management's Q4 FY2026 guidance projects revenue of $9.7B-$10.5B, in line with consensus, but Non-GAAP EPS guidance of $2.05-$2.25 fell short of expectations. Amidst persistent weakness in its core handset market, Qualcomm is pursuing growth in AI, focusing on Edge AI (smartphones, PCs, automotive) and Data Center AI. Its data center strategy includes four pillars: AI accelerators (e.g., AI200), commercial CPUs (Dragonfly C1000), custom silicon, and connectivity solutions. While these initiatives initially boosted its stock, concerns over AI capital expenditure sustainability have since erased those gains. The company targets $5B in data center revenue for FY2027 and $15B for FY2029. The report concludes that with the traditional handset business still under pressure, the data center opportunity is currently viewed as a longer-term option, and a more conservative valuation based on core operations may be warranted until AI contributions materialize.

marsbit1 h fa

Qualcomm: AI Hype Subsides, When Will Smartphones Emerge from the Gloom?

marsbit1 h fa

From TPU to Self-Evolving Agents: How Jeff Dean Predicts the Next Step in AI

At the 2026 YC Startup School, Jeff Dean outlined his vision for AI's next phase, shifting focus from simply scaling models to building intelligent, autonomous systems. He believes AI's progress is no longer just about creating smarter models, but about integrating them into systems capable of long-term, iterative work, automated experimentation, and continuous learning. This evolution moves the competition from "who has the bigger model" to "who can best organize intelligence." Dean suggests AI capabilities are now comparable to a junior engineer, enabling the automation of complex workflows. However, the true challenge and opportunity lie in managing these AI "workers" at scale. He emphasizes the importance of **context engineering**—structuring tools, memory, and feedback loops—over raw model power. For startups, this means building deep expertise in niche domains where general models currently fail (near 0-1% success rates), leveraging proprietary data, specialized tools, and domain-specific evaluators. A recurring theme is re-examining fundamental constraints. Dean's past work, like moving Google's search index to memory or creating the TPU, stemmed from questioning outdated assumptions about hardware and cost. He sees similar inflection points today, particularly in **specialized inference hardware** to drastically reduce latency and energy consumption for real-time Agent operation. Notably, he points out that in modern AI systems, the dominant cost is often not computation but **data movement**. Reliable, long-running Agents require robust system design, borrowing concepts from distributed computing like checkpointing, state management, and parallel exploration to handle failures and maintain progress over days or weeks. As AI automates execution, the scarcest human skills will shift to **defining clear specifications**, **judging what problems are worth solving** (taste), and designing effective feedback loops. Ultimately, Dean's framework prioritizes understanding the problem deeply, identifying the true bottlenecks, and systematically building closed-loop systems where AI can not only perform tasks but also improve AI itself.

marsbit1 h fa

From TPU to Self-Evolving Agents: How Jeff Dean Predicts the Next Step in AI

marsbit1 h fa

Trading

Spot