NTC orders ISPs to block 50 unlicensed trading platforms upon BSP request

The National Telecommunications Commission (NTC) has ordered all internet service providers (ISPs) in the Philippines to block access to 50 online trading platforms.

This action was taken at the request of the Bangko Sentral ng Pilipinas (BSP) to disable applications, platforms, and websites of unlicensed Virtual Asset Service Providers (VASPs).

The directive was issued in response to concerns raised in an online article about Filipino investors' negative reaction to the blocking of a certain global trading platform.

The NTC clarified that the move was not arbitrary but was carried out in support of the BSP's supervisory and enforcement mandate.

The BSP formally requested the removal of the listed platforms after determining that they were engaging in prohibited activities under Section 902-N of the Manual of Regulations for Non-Bank Financial Institutions, as amended by BSP Circular No. 1206, Series of 2024.