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Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action
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Coins.ph, the largest cryptocurrency exchange in the Philippines, is facing punitive action from financial regulators at the country's central bank, according to two people with knowledge of the situation. The infractions are said to involve serving restricted offshore gaming and gambling companies — violations serious enough that the 12-year-old company could be stripped of its license to operate. Losing that license would cause "an earthquake" in the Philippines' crypto ecosystem, one of the people said.
Coins.ph serves over 18 million customers and handles approximately $50 million in 24-hour spot trading volume. The exchange controls some 75% to 80% of peso-to-stablecoin liquidity in the Philippines, making it a critical node in the world's fourth-largest remittance recipient. More than 10.8 million Filipinos live abroad, according to the Commission of Filipinos Overseas, repatriating roughly $43 billion annually.
At the start of this month, Bangko Sentral ng Pilipinas (BSP) reportedly imposed restrictions on deposits made through Coins.ph's main wallet firm, DCPay Philippines. Unlike temporary suspensions typically imposed for throughput or latency failures, this restriction was not time-bound and no specific reason was given, according to one source. The move follows the departure of several high-profile compliance staffers, including chief compliance officer Lexi Herrera, AML transaction monitoring head Chris Beaño, and money laundering reporting officer Irish Calagui.
The restrictions appear connected to a broader shift in the Philippine gambling landscape. Over a year ago, the BSP cracked down on e-wallet apps used for gambling, requiring supervised institutions to cut in-app access to gambling sites. Several gambling entities subsequently migrated to Coins.ph, gaining access to crypto and stablecoins for paying offshore partners, according to a third person familiar with central bank regulatory processes.
Coins.ph acknowledged the situation in a statement shared with Coindesk, confirming awareness of news reports about offshore gaming transactions and its engagement with the BSP. The exchange firmly denied knowingly serving offshore gambling or gambling operators, stating that full compliance sits at the core of its operations. It assured users that funds are safe and that it expects to fully restore affected services soon.
The Bangko Sentral ng Pilipinas had not responded to requests for comment by publication time. Coins.ph was one of the earliest crypto wallets and exchanges in the Philippines, and the potential loss of its license could reshape the country's digital asset landscape. Market participants and customers will be watching closely for regulatory developments and any formal enforcement actions in the weeks ahead.
