Asia

Philippines crypto restrictions and exchange access

Crypto is legal in the Philippines through firms the central bank (BSP) licenses and the Securities and Exchange Commission (SEC) registers, and offshore exchanges without either have been blocked at the network level.

Available

of 22 platforms

Limited

of 22 platforms

Restricted

of 22 platforms

Regulators

Top exchanges by access score

Last updated 17 Oct 2026

Map of the Philippine archipelago with Taiwan, China, Vietnam, Malaysia and Indonesia around it, the Philippines shaded limited overall. Beside it: 3 of 22 tracked platforms refuse Filipino residents and 9 more are limited; the SEC named 10 exchanges as unregistered in August 2025; 10 firms hold active BSP virtual asset service provider licences while new licences are frozen; registered crypto-asset service providers need PHP 100 million of paid-up capital under SEC rules in force from 5 July 2025.

Is crypto legal in the Philippines?

Yes. Residents may buy, hold and trade crypto through firms the BSP licenses or the SEC registers, and the state has acted against unlicensed platforms and their network access, not against the people who use crypto. What is open to a newcomer is narrow: the BSP has frozen new licences.

Two regulators share the work. The BSP licenses virtual asset service providers (VASPs) under Circular No. 1108, and the SEC registers crypto-asset service providers (CASPs) under its 2025 rules and treats unlicensed solicitation of the public as a securities offence. The SEC said in August 2025 that it was not banning crypto trading, only action against platforms outside its rules. The sections below cover who holds a licence, who was blocked, what operators may not do and how gains are taxed.

Which crypto exchanges work in the Philippines?

No exchange we track holds a BSP licence. Ten firms do, all local, and the global names reach Filipinos either through a workaround or in spite of the regulators, which is why nine of the 22 platforms we track are limited here.

The BSP list dated 15 October 2025 shows ten active licensees, eight non-bank and two bank. We read that list through Fintech News Philippines because the BSP page itself was not available to us. New pure-play licences are not being issued: the BSP extended its moratorium from 1 September 2025 under Memorandum M-2025-031, with no end date and subject to reassessment, and Philstar reports it began in 2022.

The SEC route is the other door. Its CASP rules and guidelines (Memorandum Circulars 4 and 5, issued 30 May 2025) took effect on 5 July 2025. A CASP must be a Philippine corporation with at least PHP 100 million of paid-up capital, excluding crypto-assets, and a staffed office in the country. We found no published transition deadline in the sources we could read, and the SEC’s own pages sit behind a bot check, so we state no registration count.

Binance is the one that tried to build a local entity. CoinDesk reported on 11 June 2026 that the BSP said neither Binance nor its partner BlockShoals Technologies holds a VASP licence, and that taking part in the SEC’s sandbox does not replace one. BlockShoals must also link to a licensed domestic VASP before it can onboard users, per the same report.

Best crypto platforms for Filipino residents

By our access score, Bitfinex (8.0 out of 10) and Crypto.com (7.5) are the exchanges most open to Filipino residents, with six more at 6.3. Aster, Hyperliquid and Lighter (8.0 each) lead DeFi, and Kalshi (7.5) leads prediction markets despite the legal risk.

The score rates how fully a Filipino resident can use each platform, not its fees or safety. It is computed from our data and moves when a row changes: access status (4 points), the share of the platform’s products open here (3), the Philippine licences we hold on file (2) and what our geo-access test saw from a Philippine address (1). Platforms that refuse Filipino residents are not scored. The full method is on our methodology page.

Exchanges

Bitfinex
Best for Spot access without a local company
8.0/10
Access
4/4
Products
3/3
Licences
0/2
Our test
1/1
Pros
- Terms do not exclude the Philippines
- Loaded without a block in our test
Cons
- No Philippine licence on file
Read our Bitfinex report
Crypto.com
Best for Spot trading in the app
7.5/10
Access
4/4
Products
3/3
Licences
0/2
Our test
0.5/1
Pros
- Not named in the SEC advisory of August 2025
- Not on its own geo-restriction lists
Cons
- No Philippine licence on file
Read our Crypto.com report
Binance
Best for Global brand, local access still being rebuilt
6.3/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
1/1
Pros
- Loaded without a block in our test
- SEC sandbox clearance for BlockShoals
Cons
- The BSP says it has no VASP licence
- The SEC had it blocked in 2024
Read our Binance report
Bitget
Best for Spot and derivatives from a global account
6.3/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
1/1
Pros
- Not on its own prohibited list
- Loaded without a block in our test
Cons
- Named by the SEC in August 2025
- No Philippine licence on file
Read our Bitget report
HTX
Best for Spot and derivatives from a global account
6.3/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
1/1
Pros
- Not on its own restricted list
- Loaded without a block in our test
Cons
- The SEC warned against it in April 2026
Read our HTX report
KuCoin
Best for Spot and derivatives from a global account
6.3/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
1/1
Pros
- Not on its own prohibited list
- Loaded without a block in our test
Cons
- Named by the SEC in August 2025
- No Philippine licence on file
Read our KuCoin report
MEXC
Best for Spot and derivatives from a global account
6.3/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
1/1
Pros
- Not on its own prohibited list
- Loaded without a block in our test
Cons
- Named by the SEC in August 2025
- No Philippine licence on file
Read our MEXC report
OKX
Best for Spot and derivatives from a global account
6.3/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
1/1
Pros
- Not on its own prohibited list
- Loaded without a block in our test
Cons
- Named by the SEC in August 2025
- No Philippine licence on file
Read our OKX report
Coinbase
Best for Spot trading with a US-listed brand
5.8/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
0.5/1
Pros
- The Philippines is a listed sign-up country
Cons
- ISPs have blocked it since 23 December 2025
Read our Coinbase report
Kraken
Best for Spot trading from your own account
5.8/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
0.5/1
Pros
- The Philippines is not on its do-not-serve list
Cons
- Named by the SEC in August 2025
- No Philippine licence on file
Read our Kraken report

DeFi

Aster
Best for Perpetuals and spot trading
8.0/10
Access
4/4
Products
3/3
Licences
0/2
Our test
1/1
Pros
- The trading app loaded in our test
Cons
- Prediction trading is barred under its prediction rules
Read our Aster report
Hyperliquid
Best for Perpetuals from your own wallet
8.0/10
Access
4/4
Products
3/3
Licences
0/2
Our test
1/1
Pros
- Not blocked in our geo-access test
Cons
- No Philippine licence on file
Read our Hyperliquid report
Lighter
Best for Perpetuals on its trading app
8.0/10
Access
4/4
Products
3/3
Licences
0/2
Our test
1/1
Pros
- Not named in its terms
- The trading app loaded in our test
Cons
- No Philippine licence on file
Read our Lighter report
Jupiter
Best for Solana swaps
7.5/10
Access
4/4
Products
3/3
Licences
0/2
Our test
0.5/1
Pros
- The Philippines is not named in its terms
Cons
- No Philippine licence on file
Read our Jupiter report
PancakeSwap
Best for BNB Chain swaps and pools
7.5/10
Access
4/4
Products
3/3
Licences
0/2
Our test
0.5/1
Pros
- Its terms bar only people and places under US sanctions
Cons
- No Philippine licence on file
Read our PancakeSwap report
Uniswap
Best for Swapping tokens from your own wallet
7.5/10
Access
4/4
Products
3/3
Licences
0/2
Our test
0.5/1
Pros
- Its terms bar only places under comprehensive US sanctions
Cons
- No Philippine licence on file
Read our Uniswap report

Prediction markets

Kalshi
Best for Event contracts, with legal risk
7.5/10
Access
4/4
Products
3/3
Licences
0/2
Our test
0.5/1
Pros
- The Philippines is not on its restricted-jurisdictions list
Cons
- No PAGCOR authorisation exists for any prediction market
Read our Kalshi report
Polymarket
Best for Event markets on networks that do not block it
5.8/10
Access
3/4
Products
2.3/3
Licences
0/2
Our test
0.5/1
Pros
- Not on its own restricted list
Cons
- Globe Telecom has blocked it since May 2026 at PAGCOR request
Read our Polymarket report

Which platforms block Filipino users?

Three exchanges, Bybit, Gemini and Gate, refuse Filipino residents, and nine more platforms are limited because regulators or internet providers have acted against them. Only Gate says so in its own terms; the rest of the pressure comes from the state.

The Philippine SEC advisory of August 2025 named ten platforms as unregistered: OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, BitMart, Poloniex and Kraken. The list is not exhaustive, per the SEC. Major providers then restricted access, CoinDesk reported. The SEC had earlier proceeded with blocking Binance in March 2024. Allegations of operating without a licence are the regulators’, not a court’s finding.

Two later waves widened the net. On 22 December 2025 the National Telecommunications Commission ordered providers to block 50 unregistered VASPs at the BSP’s request; the list was not published, but BitPinas found Coinbase and Gemini unreachable on Globe and PLDT. The SEC then warned against HTX in April 2026 and against dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv and Ostium that month, CoinGeek reported. Gate lists the Philippines among its restricted locations in its user agreement of 22 July 2026.

Platforms refused or limited in the PhilippinesPick one to see what the record says

Platform	Status	Type	What the record says	Philippine option
Bybit	Restricted	Exchange	Named by the SEC in August 2025; its sign-up page refused a Philippine address in our test	–
Gemini	Restricted	Exchange	SEC warning on its derivatives in 2023; providers blocked gemini.com in December 2025	–
Gate	Restricted	Exchange	On the restricted-locations list in Gate’s user agreement (22 July 2026)	–
Binance	Limited	Exchange	Blocked in 2024; the BSP says neither it nor BlockShoals holds a VASP licence	–
Coinbase	Limited	Exchange	Still a sign-up country, but providers have blocked it since 23 December 2025	–
OKX	Limited	Exchange	Named by the SEC in August 2025, after which major providers restricted access	–
Kraken	Limited	Exchange	Named by the SEC in August 2025, after which major providers restricted access	–
KuCoin	Limited	Exchange	Named by the SEC in August 2025, after which major providers restricted access	–
Bitget	Limited	Exchange	Named by the SEC in August 2025, after which major providers restricted access	–
MEXC	Limited	Exchange	Named by the SEC in August 2025, after which major providers restricted access	–
HTX	Limited	Exchange	The SEC warned in April 2026 that it is unregistered; no provider block reported	–
Polymarket	Limited	Prediction market	Globe Telecom blocks it at PAGCOR’s request since May 2026; other networks still reach it	–

Source: SEC Philippines advisories, BSP and NTC reporting and platform terms, verified 17 October 2026. What each site showed us is in the next section.

What our geo-access test saw from the Philippines

From a Philippine address on 14 and 16 October 2026 we tested 12 of the 22 platforms we track. Eleven loaded with no barrier and Bybit refused our sign-up.

An open page is not permission, and a virtual Philippine address cannot see a block applied by Philippine internet providers. That is why OKX, KuCoin, Bitget and MEXC loaded although the SEC named them and providers have restricted access, and why Gate loaded although its terms list the Philippines. We have no Philippine test for the other ten platforms. Swipe through the screenshots below; each card says what the page showed.

Who regulates crypto in the Philippines?

The BSP licenses VASPs, the SEC registers CASPs and warns about the rest, the NTC and internet providers cut access, PAGCOR decides what gambling is authorised, and the Bureau of Internal Revenue (BIR) taxes the gains.

BSP. Licenses VASPs under Circular No. 1108 and keeps the moratorium on new licences. On 11 June 2026 it said the SEC sandbox does not substitute for a VASP licence.
SEC. Registers CASPs under Memorandum Circulars 4 and 5 of 2025, sets marketing and public-offer rules, and names unregistered platforms.
NTC. Orders providers to block sites, on SEC or BSP request.
PAGCOR. The gambling regulator; its block list covered Polymarket in May 2026 (see the prediction markets section).
CICC. The Cybercrime Investigation and Coordinating Center hosts the access-restricted page Globe users see, per BitPinas.
BIR. Taxes crypto gains under the ordinary income rules (see the tax section).

Which crypto products are limited in the Philippines?

Limits fall on who may offer crypto, not on products: new BSP licences are frozen, CASPs need PHP 100 million of capital and a Philippine office, and marketing and public offers carry disclosure duties. Offshore derivatives platforms have drawn SEC warnings.

Licences. The moratorium covers all new VASP applicants and has no end date.
Registration. A CASP must be a Philippine corporation with a staffed office and PHP 100 million of paid-up capital, excluding crypto-assets.
Marketing. Under MC 4, a disclosure document is filed with the SEC and published at least 30 days before marketing or an offering, and marketers must state their SEC registration number. Fines run from PHP 50,000 to PHP 10 million for each instance of investment fraud.
Derivatives. The SEC warned about Gemini’s derivatives in 2023 and about seven offshore derivatives platforms in April 2026, saying they appear to promise returns to Filipinos without registration.

Are prediction markets legal in the Philippines?

No authorised route exists. PAGCOR has licensed no prediction market, and a real-money market run without its licence is illegal gambling, according to a Philippine gaming lawyer.

The analysis comes from Chambers and Partners (27 October 2025): PAGCOR is the body empowered to license gambling, no prediction market holds its authorisation, and election-outcome wagers are barred outright. Play-money markets are likely not gambling. We found no penalty amounts in it, so we state none.

PAGCOR’s block list reached the sector in May 2026. Globe confirmed that polymarket.com was on a list endorsed for blocking on 14 May 2026, and users are sent to an access-restricted page. BitPinas found the site still reachable on PLDT and DITO. Polymarket is limited here for that reason, and Kalshi is available only in the sense that its own terms do not exclude the country.

How is crypto taxed in the Philippines?

The BIR has issued no crypto-specific rule, so gains fall under the ordinary income tax schedule of 0% to 35%. Investors count half of a gain on crypto held over 12 months, and registered traders may pay a flat 8% of gross sales above PHP 250,000.

The schedule is the one in Republic Act 10963, effective from 1 January 2023: 0% up to PHP 250,000, then 15%, 20%, 25%, 30% and 35% above PHP 8 million. The guidance on how crypto fits comes from a tax calculator site, not the BIR, which says the BIR has issued no revenue regulation on crypto. It treats crypto held as a capital asset as an investment and crypto held in a business as trading income, and it cites no BIR ruling on mining, staking rewards or cost basis. We could not reach the BIR’s own pages, so confirm the filing with the BIR or a Philippine tax adviser.

Working out your crypto tax in the PhilippinesFor an individual, from the sources above

Step	Detail
Decide whether you invest or trade	Held as a capital asset is investing; held as stock in trade is business income
Investor: count the gain	Only half is counted if held over 12 months; losses offset only capital gains; annual return due 15 April
Trader: choose the method	Graduated rates on net income, or 8% of gross sales above PHP 250,000 if registered and under PHP 3 million of sales
Trader: business tax	3% percentage tax up to PHP 3 million of sales a year, 12% VAT above it; the 8% option replaces both
Keep records	At least five years; the BIR has set no cost-basis method, so pick one and keep to it

Source: Republic Act 10963 and TaxCalculator.com.ph, checked 17 October 2026.

Sources: SEC Philippines: SEC proceeds with blocking of Binance (press release 2024-28, March 2024), Philstar (1: SEC uncovers 10 unregistered crypto platforms (8 August 2025), 2: BSP freeze on new crypto licences stays (1 September 2025)), CoinDesk (1: Philippines SEC cracks down on unregistered crypto exchanges as new rules kick in (6 August 2025), 2: Philippines central bank says Binance and its local partner lack licenses to operate (11 June 2026)), BusinessWorld: SEC says no ban on crypto trading (18 August 2025), CryptoSlate: Philippines SEC CASP rules and guidelines (2025), Ocampo & Suralvo: SEC issues the rules on crypto-asset service providers relevant to public offering and marketing (29 September 2025), BitPinas (1: BSP extends ban on new crypto exchange VASP licence applications (September 2025), 2: Coinbase, more crypto platforms blocked in PH amid NTC crackdown on unlicensed VASPs (23 December 2025), 3: SEC issues advisory against unregistered crypto exchange HTX (10 April 2026), 4: Polymarket access blocked on a local telco in the Philippines (25 May 2026), 5: Globe confirms Polymarket block following PAGCOR order (28 May 2026)), Fintech News Philippines: Licensed cryptocurrency exchanges in the Philippines (6 February 2026), CoinGeek: Philippines: dYdX among 7 crypto platforms flagged by SEC (30 April 2026), Chambers and Partners: Prediction markets: booming globally, but a legal gamble in the Philippines (27 October 2025), Lawphil: Republic Act No. 10963 (TRAIN), income tax schedule from 1 January 2023, TaxCalculator.com.ph: Crypto tax in the Philippines: how Bitcoin gains are taxed (updated 21 June 2026), checked 17 Oct 2026.

Platform availability

Explore which exchanges and prediction markets are available in Philippines.

Platform	Type	Spot	Derivatives	Staking	Status	Last verified
Aster	DeFi	Available	Available	Available	Available	17 Oct 2026
Binance	Exchange	Limited	Limited	Limited	Limited	28 Sep 2026
Bitfinex	Exchange	Available	Available	Available	Available	17 Oct 2026
Bitget	Exchange	Limited	Limited	–	Limited	16 Oct 2026
Bitstamp	Exchange	Unknown	Unknown	Unknown	Unknown	–
Bybit	Exchange	Restricted	Restricted	Restricted	Restricted	16 Oct 2026
Coinbase	Exchange	Limited	Limited	Limited	Limited	17 Oct 2026
Crypto.com	Exchange	Available	Available	–	Available	17 Oct 2026
Gate	Exchange	Restricted	Restricted	–	Restricted	17 Oct 2026
Gemini	Exchange	Restricted	Restricted	Restricted	Restricted	17 Oct 2026
HTX	Exchange	Limited	Limited	Limited	Limited	17 Oct 2026
Hyperliquid	DeFi	Available	Available	Available	Available	17 Oct 2026
Jupiter	DeFi	Available	Available	Available	Available	17 Oct 2026
Kalshi	Prediction market	–	–	–	Available	17 Oct 2026
Kraken	Exchange	Limited	Limited	Limited	Limited	17 Oct 2026
KuCoin	Exchange	Limited	Limited	–	Limited	16 Oct 2026
Lighter	DeFi	Available	Available	Available	Available	17 Oct 2026
MEXC	Exchange	Limited	Limited	–	Limited	17 Oct 2026
OKX	Exchange	Limited	Limited	Limited	Limited	16 Oct 2026
PancakeSwap	DeFi	Available	Available	Available	Available	17 Oct 2026
Polymarket	Prediction market	–	–	–	Limited	17 Oct 2026
Uniswap	DeFi	Available	–	–	Available	17 Oct 2026