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Coins.ph says Philippine central bank license intact amid revocation claims

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Coins.ph says Philippine central bank license intact amid revocation claims

Coins.ph says its Philippine central bank license remains intact amid reports of possible revocation over alleged offshore gambling transactions.

[Update, 11:00 am UTC: Added a follow-up response from a Coins.ph spokesperson.]

Coins.ph said it remains licensed by the country’s central bank following reports that it could face license revocation over alleged transactions involving restricted offshore gambling operators.

Coins.ph is one of the largest crypto exchanges in the Philippines, recording approximately $52 million in 24-hour spot trading volume on Wednesday, according to CoinGecko. The reported license risk follows restrictions imposed by the Bangko Sentral ng Pilipinas (BSP) on incoming InstaPay and PESONet transfers involving DCPay Philippines, the entity operating Coins.ph’s peso e-wallet services.

“Coins.ph firmly denies any claim that it knowingly serves offshore gaming or gambling operators,” the company said in an official statement shared with Cointelegraph on Wednesday. “Our users’ funds are safe; we continue to operate as a BSP-licensed institution,” it added.

Asked whether transactions involving offshore gambling operators had been processed through its platform, the Coins.ph spokesperson told Cointelegraph that the exchange does not accept or permit such operators and continuously screens customers and transactions in line with BSP requirements. The company did not directly confirm or deny whether such transactions had occured.

ph said the BSP had instructed it to strengthen internal controls. The company said cash-in services and QRPh collections were temporarily unavailable, while crypto trading, cash-outs, bill payments and merchant QRPh payments remained accessible. QRPh payments are the central bank’s national QR standard.



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