The removal of major offshore crypto exchange apps from the Philippine Apple App Store has raised a central question: can these platforms even apply for a license to operate locally? At present, the answer is effectively no.

The Bangko Sentral ng Pilipinas (BSP) has enforced an indefinite moratorium on new Virtual Asset Service Provider (VASP) licenses since September 1, 2025. While initially introduced as a temporary pause in 2022, the policy was extended without a clear end date, with regulators citing heightened risks tied to crypto; particularly around consumer protection, financial stability, and illicit finance.

Under this framework new applications are not being processed, no new licenses are being issued, and market entry for new or offshore players is effectively frozen. Offshore platforms are not explicitly barred from submitting applications. However, any filings made during the moratorium will not be reviewed or approved. In practice, this means there is no active pathway to licensing, even for firms willing to comply.

Despite the licensing freeze, regulators have stepped up enforcement. The Securities and Exchange Commission (SEC) has intensified actions against unregistered platforms, including coordinating recent app removals affecting Binance, OKX, MEXC, and Bitget.

This creates a regulatory tension wherein platforms are expected to comply, but cannot currently obtain the required license. The BSP has said the moratorium is subject to periodic review, but has not indicated when—or under what conditions—applications will resume. Until then, offshore exchanges remain unable to formally enter the Philippine market.

The restriction does not affect existing license holders. Platforms such as Coins.ph continue to operate under BSP supervision, reinforcing a market environment where regulated domestic entities remain accessible while offshore competitors face increasing barriers. For now, offshore crypto exchanges face a closed regulatory door in the Philippines.