Summary
Coins.ph, the Philippines' largest crypto exchange serving over 18 million customers, faces potential regulatory action from the Bangko Sentral ng Pilipinas (BSP) over alleged links to offshore gambling operators, though its license has not been revoked and the allegations remain unproven.
Key Takeaways
Key Takeaways
- Coins.ph controls an estimated 75–80% of peso-to-stablecoin liquidity in the Philippines, meaning any license action or prolonged service disruption would have outsized market consequences.
- Deposit restrictions on DCPay Philippines, Coins.ph's primary wallet operator, were imposed in October without public disclosure of the reason or duration, adding operational uncertainty.
- The BSP has previously directed supervised financial institutions to restrict in-app access to gambling websites, signaling a broader regulatory posture that raises the stakes for Coins.ph's alleged gambling links.
- The exchange's license has not been revoked and the allegations are unproven; formal BSP enforcement action has not yet been announced, making the license threat a risk rather than a confirmed outcome.
The Philippines’ largest cryptocurrency exchange, Coins.ph, could face regulatory action from the country’s central bank over alleged links to offshore gambling operators, potentially putting its operating license at risk.
Two people familiar with the matter told CoinDesk that the alleged infractions could be serious enough to result in the loss of the exchange’s licence. The allegations have not been established as fact, and Coins.ph has denied knowingly serving offshore gambling operators and said it remains licensed by the BSP.
Coins.ph Denies Knowingly Serving Offshore Gambling Operators
The report follows restrictions affecting deposits through DCPay Philippines, the main wallet operator associated with Coins.ph, which were reportedly imposed earlier in October. The reason for the restrictions was not publicly disclosed, and no timeline was given for their duration.
Coins.ph said customer funds remain safe and that it expects the affected services to be restored soon. The company’s statement did not establish whether the deposit restrictions were directly connected to the alleged gambling links.
The distinction matters: the reported regulatory scrutiny does not mean the exchange’s licence has been revoked, nor does it establish that Coins.ph knowingly facilitated transactions for offshore gambling businesses.
Why the Case Matters for the Philippine Crypto Market
Coins.ph reportedly serves more than 18 million customers and accounts for an estimated 75% to 80% of peso-to-stablecoin liquidity in the Philippines. Any prolonged disruption to its services could therefore affect access to crypto trading and peso-to-stablecoin transactions in the local market.
The case also comes amid tighter scrutiny of gambling-related financial activity in the country. The BSP has previously directed supervised financial institutions to cut in-app access to gambling websites, reflecting broader efforts to restrict the use of regulated financial services for online gambling.
However, the reported allegations against Coins.ph should be distinguished from that wider policy. The available reporting does not establish the precise transactions under review or confirm that the exchange violated the central bank’s rules.
Licence Status Remains Unchanged
Some senior compliance personnel had left Coins.ph this year as reported by Coindesk. The report does not establish that those departures were caused by the current regulatory scrutiny or that they demonstrate any compliance breach.
For now, the key question is whether the BSP will take formal enforcement action and, if so, what measures it may impose. Until the regulator clarifies the situation, the potential loss of Coins.ph’s licence remains a reported risk rather than a confirmed outcome.