Philippines Imposes Restrictions on Major Cryptocurrency Trading Platforms

Philippine authorities have announced a ban on the usage of prominent cryptocurrency trading platforms, notably Coinbase, within the country. This decision is part of an effort to combat fraudulent schemes and safeguard local investors from potential risks associated with digital asset trading. This decisive action was taken following the discovery that these platforms were being utilized by scammers to conceal and transfer illicit funds across borders, thereby exacerbating the problem of money laundering. Government officials have affirmed that this ban is intended to protect the Philippine financial system and ensure the safety of citizens’ funds. Furthermore, the Philippine government aims to strengthen oversight of the cryptocurrency market and mitigate potential risks linked to unregulated investments through this ban. Officials also emphasized that they would take stringent measures against anyone violating this ban, including imposing financial penalties or even criminal prosecution. Officials urged citizens to exercise extreme caution when dealing with cryptocurrencies and to verify the legitimacy of any trading platform before investing in it.