Philippine central bank restricts Coins.ph-linked e-wallet over gambling claims
AI-generated briefing · First published
Coins.ph faces BSP curbs on peso transfers after alleged offshore gambling transactions; the exchange denies wrongdoing and says its license remains intact.
Coins.ph, the Philippines’ largest crypto exchange with over 18 million customers, is facing restrictions from the Bangko Sentral ng Pilipinas on incoming InstaPay and PESONet transfers through its peso e-wallet operator DCPay Philippines, following reports of transactions involving restricted offshore gambling companies. [1] [2]
Coins.ph says its BSP license is intact, denies knowingly serving offshore gaming operators, and states that user funds are safe. Cash-in services and QRPh collections are temporarily unavailable, while crypto trading and cash-outs remain accessible. [2]
Sources
- Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action
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