Coins.ph, one of the Philippines’ largest cryptocurrency exchanges, is facing regulatory scrutiny over allegations that its services were used to facilitate transactions involving restricted offshore gambling businesses.
According to an October 13, 2026, CoinDesk report citing two people familiar with the situation, the Bangko Sentral ng Pilipinas (BSP) is considering punitive action against the company. One source suggested that the alleged violations could be serious enough to threaten its operating license.
The exchange serves more than 18 million customers and plays a significant role in the country’s cryptocurrency trading, payments and remittance infrastructure.
However, no public regulatory decision revoking its cryptocurrency license has been confirmed, and the allegations have not been established through a published enforcement finding. The platform also denied the claim that it had knowingly indulged in any such activity and promised to restore all affected services very soon.
Central Bank Restricts Peso Deposits
The regulatory concerns follow restrictions imposed on DCPay Philippines, the electronic money issuer responsible for peso transactions within the Coins.ph ecosystem.
On September 29, the BSP reportedly ordered a partial suspension of DCPay’s access to domestic payment networks, affecting incoming transfers through InstaPay and PESONet. The restrictions prevent customers from funding Coins.ph wallets through these channels, although outgoing transfers to banks and other electronic wallets reportedly remain available.
The order was communicated through Philippine Payments Management Inc., citing BSP Monetary Board Resolution No. 839.
Unlike temporary technical suspensions, the reported restriction did not specify an expiration date. The allegations concern offshore gambling operators that allegedly moved transactions to Coins.ph following the central bank’s earlier restrictions on gambling-related services.
In August 2025, the BSP issued Memorandum M-2025-029, requiring supervised financial institutions to remove links providing direct access to gambling websites from their mobile applications and websites. Sources cited by CoinDesk alleged that some gambling businesses subsequently used cryptocurrency and stablecoin services to facilitate payments to offshore partners.
Coins.ph’s regulatory structure involves separate entities. DCPay handles electronic money services, while Betur Inc. operates the cryptocurrency exchange under BSP supervision. Consequently, restrictions on DCPay’s payment network access do not automatically constitute suspension of Betur’s virtual asset service provider registration.
Compliance Concerns Raise Broader Industry Questions
The reported action comes amid increased Philippine regulatory attention toward cryptocurrency transactions, online gambling and anti-money laundering controls. The BSP has previously warned that payment institutions and virtual currency exchanges can be used to process funds associated with unauthorized gambling activities.
In July 2026, the central bank also issued guidance requiring financial institutions to strengthen risk management and anti-money laundering safeguards for customers involved in casino junket operations.
CoinDesk additionally reported the departures of several Coins.ph compliance personnel during 2026, including chief compliance officer Lexi Herrera and anti-money laundering specialists Chris Beaño and Irish Calagui. No causal connection between those departures and the reported regulatory action has been established.
The implications extend beyond Coins.ph itself. The exchange reportedly accounts for approximately 75% to 80% of Philippine peso-to-stablecoin liquidity, making disruptions to its banking access potentially significant for domestic cryptocurrency markets.
Restrictions on incoming transfers could reduce customer funding options and affect trading activity, although their ultimate commercial impact remains uncertain. Neither Coins.ph nor the BSP had publicly addressed the reported allegations when the initial investigation was published.
The central question is whether regulators will maintain the existing payment restrictions, impose additional compliance requirements or pursue formal action against the exchange’s cryptocurrency registration.
Until further regulatory disclosures emerge, the allegations and potential licensing consequences remain unresolved. The platform is a duly regulated and licensed platform and promised to follow all the frameworks and strictures as stated in the license.