Coins.ph says Philippine central bank license intact amid revocation claims
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Coins.ph, a major Philippine crypto exchange, confirmed it remains licensed by the Bangko Sentral ng Pilipinas (BSP) despite reports of potential license revocation related to transactions with restricted offshore gambling operators. The company denies knowingly serving offshore gaming clients and states its users’ funds are safe. It continues to operate under its BSP license, even as the central bank has imposed restrictions on some peso e-wallet services linked to Coins.ph.
Why it matters
The source suggests this development is significant because it involves BSP-imposed restrictions that affect payment services tied to Coins.ph, highlighting regulatory scrutiny over transactions potentially linked to offshore gambling. This situation impacts Coins.ph’s operations and illustrates ongoing central bank efforts to regulate payment systems and virtual asset service providers in the Philippines.
Key context
Coins.ph operates both crypto asset services and peso e-wallet services, with the latter managed by DCPay Philippines. The BSP has ordered the company to strengthen internal controls and temporarily restricted certain payment services such as cash-in and QRPh collections, while crypto trading remains unaffected. These measures align with the central bank’s 2025 directive requiring removal of gambling-related links from payment apps, although the BSP has not officially linked that directive to the current restrictions on Coins.ph.
Key numbers and entities
Coins.ph reported approximately $52 million in 24-hour spot trading volume. The Bangko Sentral ng Pilipinas (BSP) imposed restrictions under Monetary Board Resolution No. 839. DCPay holds an electronic money issuer license; Betur Inc., associated with Coins.ph, holds a virtual asset service provider license. Local media BitPinas and CoinGecko are also mentioned as sources.
What remains unclear
It remains unclear whether Coins.ph processed transactions involving offshore gambling operators despite its denials. The BSP has not publicly confirmed the reasons for the restrictions or linked them explicitly to previous directives targeting gambling transactions. Further details on the potential license revocation process and its timing are not provided.