Switch to seedless. Get 30% off with SWITCH30 till Oct 21Coins.ph faces license threat over gambling allegations
6.8 Regulation Coins.ph faces regulatory action from the BSP over alleged ties to offshore gambling, with peso transfer restrictions and possible loss of its license.
Coins.ph, the largest cryptocurrency exchange in the Philippines with over 18 million users, is under intense scrutiny from the Bangko Sentral ng Pilipinas (BSP) over alleged facilitation of transactions for restricted offshore gambling operators. The BSP has imposed restrictions on peso transfers and deposits through Coins.ph’s main wallet operator, DCPay Philippines, suspending incoming transfers via InstaPay and PESONet. These alleged violations could result in Coins.ph losing its operating license, which would have significant repercussions for the local crypto industry. The situation is further complicated by the recent departure of several senior compliance executives, including the Chief Compliance Officer and anti-money-laundering specialists. Coins.ph has suspended gaming-related advertisements since August 2025. The crackdown follows legislative and executive actions that permanently banned offshore gaming operators in the Philippines, increasing regulatory pressure on entities allegedly linked to such activities. Reports indicate halted trading volumes on the platform amid the ongoing investigation.
