News about Coins.ph

Coins.ph says it remains licensed by the Bangko Sentral ng Pilipinas (BSP), after reports that its license could be revoked over alleged transactions with restricted offshore gambling operators. The company denies knowingly serving such operators and says user funds are safe. It recorded about $52 million in 24-hour spot trading volume on Wednesday, according to CoinGecko. The BSP restricted incoming InstaPay and PESONet transfers involving DCPay Philippines, the operator of Coins.ph's peso e-wallet, and ordered stronger internal controls; cash-in and QRPh collections are paused, while crypto trading and cash-outs remain available. Coins.ph did not directly say whether such operators had used its platform, and the BSP had not provided further comment.

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.