Coins.ph, the largest crypto exchange in the Philippines with over 18 million customers, is reportedly facing punitive action from the central bank over alleged service to offshore gambling firms, according to two people familiar with the matter. Earlier this month, Bangko Sentral ng Pilipinas reportedly restricted deposits made through its main wallet firm, DCPay Philippines, after several senior compliance staff, including CCO Lexi Herrera, left this year. The alleged infractions are serious enough that the exchange could lose its license, and it reportedly controls about 75%–80% of peso-to-stablecoin liquidity in the Philippines. Neither Coins.ph nor the central bank responded to requests for comment.
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