Coins.ph faces possible license loss over offshore gambling ties
Coins.ph, the Philippines' largest crypto exchange with more than 18 million customers, is facing potential license revocation from the central bank (BSP) over alleged ties to offshore gambling platforms, per a CoinDesk scoop by Ian Allison published Oct. 14. Sources say the infractions are serious enough that the 12-year-old company could be stripped of its license to operate — a move one source said would cause "an earthquake" in the country's crypto ecosystem, putting its estimated 75%-80% of peso-to-stablecoin liquidity at risk.
- At the start of October, the BSP imposed restrictions on deposits through Coins.ph's main wallet firm, DCPay Philippines, in a measure that was not time-bound and came with no stated reason.
- Several high-profile compliance staffers left this year, and gambling entities reportedly migrated to Coins.ph after last year's BSP crackdown on e-wallet gambling access.
- Neither Coins.ph nor the central bank responded to requests for comment.
Sources
- @coinsph @IanAllison123 https://t.co/yfQ8LYEy6h Replying to their earlier post: SCOOP: The Philippines’ largest crypto exchange @coinsph faces potential license revocation from the central bank over alleged ties to offshore gambling firms, putting its 18M customers and 75-80% of…x.com ↗
- SCOOP: The Philippines’ largest crypto exchange @coinsph faces potential license revocation from the central bank over alleged ties to offshore gambling firms, putting its 18M customers and 75-80% of peso-to-stablecoin liquidity at risk. @ianallison123 reports.x.com ↗
- Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory actioncoindesk.com ↗
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