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The National Telecommunications Commission (NTC) has ordered internet service providers (ISPs) to immediately block access to 50 online trading platforms operating without authorization from the Bangko Sentral ng Pilipinas (BSP).
The request to NTC from the BSP, which targets unlicensed Virtual Asset Service Providers (VASPs), comes amid a broader crackdown on unregulated financial services and follows intense public scrutiny regarding the reported blocking of global brokerage Interactive Brokers (IBKR).
NTC: Blocking 50 VASPs on BSP Request
In a statement released Monday, the NTC confirmed it issued a memorandum directing ISPs to disable the websites and applications of 50 entities identified by the BSP as unlicensed.
While the full list of the 50 platforms was not immediately released, the NTC emphasized that the move is part of a coordinated effort with the central bank to “safeguard Filipino users against illicit activities in the burgeoning virtual asset space”.
The commission stated that its authority to issue the takedown order is exercised “in aid of relevant government regulatory and enforcement entities” to prevent the continued operation of unregistered entities.
Is Interactive Brokers Included?
The NTC issued this clarification specifically to address “public attention generated by a report on the blocking of access to a global online trading platform”.
While the NTC did not explicitly name Interactive Brokers (IBKR) in its primary statement, the timing and context suggest a connection to the complaints raised by Filipino investors regarding access restrictions to the platform, as reported by websites such as Bilyonaryo and BitPinas, as well as on social media platform Reddit.
However, a distinction in jurisdiction remains:
- The 50 Platforms: Blocked upon request of the BSP for violating VASP (crypto) regulations.
- Interactive Brokers: Reports from PLDT users cited a directive from the SEC (Securities and Exchange Commission) and NTC, primarily concerning securities trading.
Legal Basis: BSP Circular No. 1206
The NTC cited Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions, as recently updated by BSP Circular No. 1206 (Series of 2024), as the legal basis for the crackdown.
This regulatory framework governs how Virtual Asset Service Providers (VASPs) must operate within the Philippines. Under Republic Act No. 11211 (The New Central Bank Act), the BSP has the power to authorize entities engaging in money service and virtual asset activities.
Government Tightens Oversight on Digital Assets
The regulator reiterated that the government seeks to “mitigate risks associated with unauthorized financial transactions” and warned the public that only BSP-authorized platforms are allowed to offer virtual asset services in the country.
This follows a year of aggressive enforcement, including the blocking of cryptocurrency giant Binance and the exit of social trading platform eToro following SEC advisories.
This article is published on BitPinas: NTC Orders Block of 50 Unlicensed Crypto Platforms Following BSP Directive; Clarifies Amid IBKR Issue
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