Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Coins.ph, the largest cryptocurrency exchange in the Philippines, is reportedly facing regulatory action from the country’s central bank due to infractions allegedly involving servicing offshore gambling platforms. The compliance issues are considered severe enough that Coins.ph could be stripped of its operating license. The central bank has already imposed restrictions on deposits via Coins.ph’s main wallet partner, DCPay Philippines, following the departure of key compliance personnel.
Why it matters
The potential revocation of Coins.ph’s license would significantly disrupt the Philippine crypto ecosystem, as the exchange controls approximately 75%-80% of peso-to-stablecoin liquidity and serves over 18 million customers. This market dominance ties directly into remittance flows critical to the large population of overseas Filipino workers. The source does not elaborate further on broader market or policy implications.
Key context
Coins.ph was acquired by Indonesian technology company Gojek in 2019 for $95 million and was later sold to Wei Zhou, former CFO of Binance. The central bank had previously restricted e-wallets for gambling use, causing some gambling entities to shift their activities to Coins.ph, reportedly facilitating offshore payments via crypto assets. Restrictions imposed recently on Coins.ph are not typical temporary suspensions but have an indefinite timeframe with no formal explanation provided.
Key numbers and entities
Coins.ph has over 18 million customers and a daily spot trading volume of approximately $50 million. It holds roughly 75%-80% of peso-to-stablecoin liquidity in the Philippines. The central bank involved is Bangko Sentral ng Pilipinas (BSP). Key compliance staff who left include Chief Compliance Officer Lexi Herrera, AML transaction monitoring head Chris Beaño, and Money Laundering Reporting Officer Irish Calagui.
What remains unclear
The precise nature of the infractions, the official response of Coins.ph and the Bangko Sentral ng Pilipinas, and the specific timeline or conditions for any license revocation remain undisclosed. The source does not clarify how regulatory actions will impact customers or the wider financial system in practice.