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CoinDesk reported, citing two people familiar with the matter, that Coins.ph is facing possible punitive action from the Bangko Sentral ng Pilipinas over alleged services to offshore gambling firms. Coins.ph denies knowingly serving gambling operators, says customer funds are safe and that it remains licensed; the central bank had not commented by publication time.
Coins.ph, the Philippines’ largest cryptocurrency exchange, is facing possible punitive action from the country’s central bank over alleged services to offshore gambling firms, according to a CoinDesk report citing two people familiar with the matter. One source said the alleged infractions could be serious enough to put the exchange’s operating license at risk; Coins.ph denies knowingly serving gambling operators and says it remains licensed.
The report said the Bangko Sentral ng Pilipinas (BSP) imposed restrictions earlier in October on deposits made through DCPay Philippines, the wallet firm behind Coins.ph’s main service. One person familiar with the process told CoinDesk the restriction was not time-limited, unlike temporary suspensions that can follow failures to meet technical requirements. The report said no reason for the restriction had been provided to that source.
Coins.ph responded after the report was published, saying it was aware of news coverage concerning its operations, alleged offshore gaming transactions and its engagement with the BSP. The company said users’ funds are safe, that it continues operating as a BSP-licensed institution and that it expects to restore affected services fully. It said it “firmly denies any claim that it knowingly serves offshore gaming or gambling operators.”
CoinDesk’s sources linked the regulatory concern to gambling firms that allegedly moved to Coins.ph after the BSP directed supervised institutions to cut in-app access to gambling sites. A separate person familiar with central bank regulatory processes told CoinDesk that the move could give those firms access to cryptocurrency and stablecoins for payments to offshore partners. Those accounts have not been publicly confirmed by the central bank, and the alleged conduct remains disputed by Coins.ph.
Potential License Risk for Coins.ph
The reported dispute matters because Coins.ph is a major part of the Philippines’ digital-asset market. CoinDesk reported that the exchange has more than 18 million customers, roughly $50 million in 24-hour spot trading volume and an estimated 75% to 80% of peso-to-stablecoin liquidity in the country. The liquidity estimate and customer figures are those reported by CoinDesk, not figures independently confirmed in the company’s statement.
If the BSP were to impose severe penalties or revoke a license, users and businesses could face disruption to deposits and other services, while activity in peso-linked crypto markets could be affected. The reported deposit restrictions already point to a possible service impact, but the extent of that impact and which services are affected have not been specified in the available source material.
The issue also touches on the regulatory boundary between digital-asset services, payment wallets and gambling transactions. The report’s allegations concern possible services to offshore operators; they do not establish that Coins.ph knowingly facilitated illegal activity. The exchange’s denial and the absence of a public explanation from the BSP leave that distinction unresolved.
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Earlier Gambling Payment Restrictions
CoinDesk reported that a little over a year before this development, the BSP directed financial institutions under its supervision to stop providing in-app access to gambling sites through e-wallet applications. According to people cited in the report, some gambling entities later shifted to Coins.ph. The sources’ description of that movement and its purpose has not been publicly substantiated by the regulator.
Coins.ph began as a crypto wallet and exchange and later expanded into broader financial services. The company is 12 years old, according to the report. Indonesian technology company Gojek acquired it for $95 million in January 2019; it was later sold to Wei Zhou, formerly Binance’s chief financial officer.
The report also noted departures this year among senior compliance personnel, including chief compliance officer Lexi Herrera, anti-money-laundering transaction monitoring head Chris Beaño and money-laundering reporting officer Irish Calagui. Their departures are reported facts in the article, but the report does not establish that they were caused by the current regulatory matter.
““Coins.ph firmly denies any claim that it knowingly serves offshore gaming or gambling operators.””
— Coins.ph
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Regulator Has Not Explained Restrictions
The BSP had not responded to CoinDesk’s requests for comment by publication time. The regulator has not publicly confirmed the reported deposit restrictions, explained their basis or announced a proposed penalty in the material provided. It is also unclear which deposits or services are affected, how many customers may be impacted, and when any restrictions might change.
The alleged links to offshore gambling firms come from sources cited by CoinDesk, while Coins.ph denies knowingly serving such operators. The report does not provide a public regulatory filing or detailed evidence resolving the dispute. A possible loss of license was described by one source as a risk; it is not a confirmed decision. The exchange’s statements that funds are safe and services will be restored are company assurances, not independent findings presented in the source.
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Awaiting BSP and Service Updates
The next key developments are any public explanation or enforcement action from the BSP, and updates from Coins.ph on the affected deposit services. The exchange said it expects to restore those services fully, but did not give a date in the reported statement. Until the regulator clarifies its position, the scope, duration and outcome of the restrictions remain unknown.
Customers and businesses will also be watching for information about how deposits and withdrawals are operating, whether the regulator has set conditions for restoring services, and whether Coins.ph provides further details about its compliance controls. No timetable for a regulatory decision was included in the source report.
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Key Questions
What regulatory action is Coins.ph reportedly facing?
CoinDesk, citing two people familiar with the matter, reported that the exchange faces possible punitive action from the BSP over alleged services to offshore gambling firms. One source said the consequences could include losing its operating license, but no such decision was publicly confirmed in the report.
What did Coins.ph say about the allegations?
Coins.ph said it denies knowingly serving offshore gambling or gambling operators. It also said it remains a BSP-licensed institution and that users’ funds are safe.
Are deposits or other services restricted?
The report said the BSP imposed restrictions earlier in October on deposits through DCPay Philippines, Coins.ph’s main wallet firm. The report did not specify the full range of affected services or the number of users affected.
Has the central bank confirmed the reported action?
Not in the source material. CoinDesk said the BSP had not responded to requests for comment by publication time, and the report did not include a public regulator statement confirming the restrictions or explaining their basis.
When will affected services be restored?
Coins.ph said it expects to fully restore affected services soon, but did not provide a specific date. The timing and any conditions set by the BSP remain unclear.
Source: rss
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