Coins.ph faces Philippine central bank action over alleged offshore gambling links
Coins.ph, the largest cryptocurrency exchange in the Philippines, is reportedly facing regulatory scrutiny and potential license loss from the Bangko Sentral ng Pilipinas over alleged transactions involving restricted offshore gambling entities.
Coins.ph, the largest cryptocurrency exchange in the Philippines with over 18 million registered users, is facing regulatory scrutiny and potential punitive action from the Bangko Sentral ng Pilipinas (BSP), according to reports from CoinDesk and industry observers. The regulatory heat stems from allegations that the exchange facilitated business transactions for restricted offshore gaming and gambling firms.[2][3][4]
The reported infractions are severe enough to put the 12-year-old company at risk of being stripped of its operating license, with a person familiar with the matter warning that such a penalty would cause an earthquake across the domestic cryptocurrency ecosystem. Coins.ph controls an estimated 75% to 80% of the nation's peso-to-stablecoin liquidity, and Crypto Briefing reported that losing its license could undermine broader trust in crypto exchanges and alter regional regulatory approaches.[1][3][4]
The scrutiny follows moves by the central bank in late September restricting incoming peso transfers through InstaPay and PESONet to Coins.ph's e-wallet operator, DCPay Philippines, reportedly without providing an official reason. Several senior compliance executives have also departed the platform. Coins.ph was previously purchased by Indonesian tech group Gojek for a reported $95 million in 2019 before being sold in 2022 to an investor group that included Joffre Capital and former Binance chief financial officer Wei Zhou.[3][4]
Key facts
- Coins.ph is the largest cryptocurrency exchange in the Philippines, with more than 18 million customers, and controls roughly 75% to 80% of the country's peso-to-stablecoin liquidity.
- The Bangko Sentral ng Pilipinas is reportedly preparing punitive regulatory action against Coins.ph over alleged business transactions linked to restricted offshore gambling operators.
- Sources familiar with the situation stated the infractions could lead to the 12-year-old exchange losing its license to operate.
- The central bank restricted incoming peso transfers to Coins.ph's e-wallet operator DCPay Philippines via InstaPay and PESONet in late September without providing a public reason.
- Several senior compliance executives have reportedly departed Coins.ph.
- Coins.ph was acquired by Gojek for a reported $95 million in 2019 before being sold in 2022 to an investor group involving Joffre Capital and former Binance CFO Wei Zhou.
Sources · 4 sources
- CB
Crypto BriefingArticle ·
Coins.ph faces potential license loss over alleged offshore gambling links The potential license loss for Coins.ph could undermine trust in crypto exchanges, impacting user confidence and regional regulatory approaches. The post Coins.ph faces potential license loss over alleged offshore gambling links appeared first on Crypto Briefing .
Open source - CO
CoindeskArticle ·
Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action The exchange, which has over 18 million customers, is said to have handled business transactions involving restricted offshore gaming and gambling companies.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Philippine Crypto Giant Coins ph Faces Regulatory Scrutiny Over Alleged Gambling Links Coins ph, one of the Philippines' largest crypto exchanges with over 18 million registered users, is reportedly facing regulatory scrutiny from the Bangko Sentral ng Pilipinas (BSP) over allegations that it facilitated transactions for restricted offshore gambling operators, potentially putting its license at risk. In late September, the BSP restricted incoming peso transfers to its e-wallet operator, DCPay Philippines, through InstaPay and PESONet. Several senior compliance executives have also reportedly departed. Indonesian tech giant Gojek acquired Coins ph for a reported $95 million in 2019 before selling it in 2022 to an investor group involving Joffre Capital and former Binance CFO Wei Zhou.
Open source - CB
Coin Bureau@coinbureauPost on X ·
🇵🇭HUGE: The Philippines' largest crypto exchange could LOSE its license over offshore gambling links. Coins(.)ph faces punitive action from the central bank for allegedly serving offshore gambling firms. The exchange has more than 18 MILLION customers and controls about 75% to 80% of the country's peso to stablecoin liquidity. At the start of this month, the central bank reportedly restricted deposits through its main wallet firm without giving a reason, per CoinDesk.
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