Coins.ph faces BSP scrutiny over alleged gambling-related transfers
Regulation & Gov ·
The Philippines' largest crypto exchange, serving more than 18 million registered users, is reportedly under examination by the central bank over claims it processed payments tied to restricted offshore betting operations.
The Bangko Sentral ng Pilipinas has reportedly taken action against Coins.ph after allegations surfaced that the platform moved funds on behalf of offshore gambling entities barred from operating in the country, a situation that could ultimately threaten its operating license, according to wublockchain.xyz. The exchange's scale is notable given its reported 18 million-plus user base, making any license risk a matter of broad market consequence domestically.
As part of the response, the central bank reportedly cut off incoming peso transfers in late September directed at DCPay Philippines, the entity behind the platform's e-wallet operations, blocking access through both the InstaPay and PESONet transfer rails. That restriction effectively narrows how funds can reach the e-wallet system until the matter is resolved.
Compounding the regulatory pressure, several senior compliance figures at the company have reportedly exited their roles, a detail that may point to internal friction tied to the allegations, though no further explanation for the departures has been disclosed. The exchange's ownership history adds context to the current situation: Indonesian firm Gojek purchased Coins.ph for a reported $95 million in 2019, later divesting it in 2022 to an investor group that included Joffre Capital and Wei Zhou, previously Binance's chief financial officer.
The development has drawn coverage from multiple outlets, with coindesk.com also reporting on the central bank action against the exchange, indicating the story has gained traction beyond a single report.
What remains unclear is the precise scope of the alleged violations, whether the BSP will pursue formal sanctions beyond the transfer restrictions already imposed, and how the compliance staff departures relate, if at all, to the regulatory inquiry. The exchange's current ownership group has not been reported as issuing a public response, and the ultimate status of its license remains undetermined.