Key Highlights
- Coins.ph faces regulatory scrutiny over alleged transactions involving offshore gambling operators.
- BSP payment restrictions affect incoming InstaPay, PESONet, and QR Ph collection services.
- Coins.ph denies the allegations and says customer funds remain safe.
- License concerns continue, but no cryptocurrency exchange license revocation has been confirmed.
Coins.ph, one of the Philippines’ largest cryptocurrency exchanges, is facing regulatory scrutiny from the Bangko Sentral ng Pilipinas (BSP) over allegations of processing transactions linked to offshore gambling operators.
According to an October 13 CoinDesk report, two people familiar with the situation said the exchange could face serious regulatory consequences, potentially including license revocation.
The allegations emerged after the central bank restricted incoming Philippine peso transfers through DCPay Philippines, which supports Coins.ph’s payment services.
However, Coins.ph denies knowingly serving offshore gambling businesses and maintains that its cryptocurrency trading services remain operational.
Why Is Coins.ph Facing BSP Regulatory Scrutiny?
The allegations involve offshore gambling operators reportedly using Coins.ph to process payments after Philippine authorities tightened restrictions on gambling-related financial services.
Sources cited by CoinDesk claimed that certain operators moved transactions toward cryptocurrency and stablecoin platforms to settle payments with overseas partners.
In August 2025, the BSP issued Memorandum M-2025-029, directing supervised financial institutions to remove in-app links providing access to gambling websites.
The latest allegations have renewed attention on transaction monitoring and anti-money laundering controls.
However, no publicly released BSP enforcement finding has established that Coins.ph knowingly processed prohibited offshore gambling transactions.
BSP Restricts Coins.ph Cash-In and Payment Services
The regulatory restrictions affect DCPay Philippines, the electronic money issuer responsible for Coins.ph’s peso payment infrastructure.
According to an official Coins.ph advisory, the BSP directed the company to improve its internal controls.
The affected services include:
- Philippine peso deposits through InstaPay.
- Incoming PESONet bank transfers.
- QR Ph collection services.
Despite these restrictions, cryptocurrency trading, cash-outs, bill payments, and merchant QR Ph payments remain available, according to the company.
The restrictions therefore affect specific incoming payment channels rather than shutting down the entire exchange.
Coins.ph Denies Offshore Gambling Allegations
Coins.ph has rejected claims that it knowingly provides services to offshore gaming or gambling operators.
In a statement reported by BitPinas, the company emphasized its commitment to requirements established by the BSP, the Anti-Money Laundering Council (AMLC), and other regulators.
The exchange said it continues strengthening its compliance systems while cooperating with regulatory authorities.
Coins.ph also reassured customers that their funds remain safe and that it continues operating as a licensed institution.
The company expects to restore affected services but has not announced a confirmed restoration date.
Could Coins.ph Lose Its Cryptocurrency Exchange License?
One source cited by CoinDesk suggested that the alleged regulatory violations could potentially result in license revocation.
However, no confirmed revocation of Coins.ph’s cryptocurrency exchange authorization had been publicly announced as of October 14, 2026.
Coins.ph operates through two regulated entities:
- DCPay Philippines Inc.: Handles electronic money services, peso wallets, and payment transfers.
- Betur Inc.: Operates cryptocurrency services under a Virtual Asset Service Provider (VASP) authorization.
Restrictions affecting DCPay do not automatically revoke Betur’s cryptocurrency authorization.
According to CoinDesk, Coins.ph serves more than 18 million users and accounts for an estimated 75%–80% of Philippine peso-to-stablecoin liquidity.
Prolonged payment restrictions could therefore create difficulties for customers moving funds between traditional banking systems and cryptocurrencies.
What Happens Next for Coins.ph?
The next major developments will be whether the BSP lifts the incoming transfer restrictions and whether additional enforcement action is formally announced.
Coins.ph users should monitor the official exchange status page for updates on payment services and transaction availability.
For now, the platform continues operating while addressing regulatory requirements.
The outcome of the Coins.ph regulatory scrutiny could have wider implications for cryptocurrency payment services, compliance standards, and investor confidence in the Philippines’ growing digital asset market.
