Coins.ph Maintains Central Bank License Amid Philippine Gambling-Related Payment Restrictions
Major Philippine cryptocurrency exchange Coins.ph reaffirmed its central bank license remains intact despite reports of potential revocation linked to alleged offshore gaming transactions.
License Status Reaffirmed Despite Scrutiny
Coins.ph, one of the Philippines’ largest cryptocurrency exchanges, has reaffirmed that its central bank license remains active following media reports suggesting potential revocation. The company issued a formal statement denying any intentional involvement with restricted offshore gaming or gambling operators. Coins.ph disclosed that it maintains approximately $52 million in 24-hour spot trading volume as of Wednesday, demonstrating continued market activity despite regulatory pressure. The exchange emphasized that customer funds remain secure and that it continues operating as a licensed institution of the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
Operational Restrictions and Service Limitations
The Bangko Sentral ng Pilipinas implemented restrictions on Coins.ph’s payment operations through Monetary Board Resolution No. 839, specifically targeting transfers through InstaPay and PESONet involving DCPay Philippines, the entity managing Coins.ph’s peso e-wallet services. These restrictions resulted in temporary suspension of cash-in services and QRPh collections—the central bank’s national QR payment standard. However, core cryptocurrency trading operations, cash withdrawal services, bill payments, and merchant QRPh transactions continued without interruption. Significantly, Coins.ph operates its cryptocurrency exchange under a separate virtual asset service provider license held by Betur Inc., while DCPay Philippines operates independently under an electronic money issuer license. The restrictions primarily affected the payment services arm rather than cryptocurrency trading. The BSP subsequently directed Coins.ph to strengthen internal control measures and customer screening procedures to meet regulatory standards.
Broader Regulatory Campaign Against Gaming Payments
The current restrictions reflect sustained regulatory focus by Philippine authorities on isolating financial infrastructure from gambling-related activities. In 2025, the Bangko Sentral ng Pilipinas issued directives requiring all supervised financial institutions to eliminate links enabling access to gambling websites within their payment applications. Although the central bank has not formally connected that prior directive to the current Coins.ph restrictions, the pattern indicates a comprehensive effort to prevent financial networks from facilitating gaming transactions. When questioned about whether gaming-related transactions had been processed through its platform, a Coins.ph spokesperson reaffirmed that the exchange does not accept offshore gambling operators and implements continuous customer and transaction screening in alignment with BSP requirements. The company notably declined to confirm or deny whether such transactions had previously occurred.
Payment restrictions affecting major regional cryptocurrency exchanges could reduce fiat on-ramp and off-ramp accessibility for Southeast Asian traders, potentially constraining liquidity across the region’s crypto ecosystem.
Source: Bangko Sentral ng Pilipinas, via Cointelegraph. Not financial advice.