Coins.ph may face central bank action over alleged dealings
Philippines-based cryptocurrency exchange Coins.ph may face action from the Bangko Sentral ng Pilipinas (BSP), the country's central bank, over alleged dealings with offshore gambling firms. The infractions could risk the company's operating license.
Manila – Philippines-based cryptocurrency exchange and financial services platform Coins.ph may be subject to action from the Bangko Sentral ng Pilipinas (BSP), the country's central bank, over alleged dealings with offshore gambling firms. Sources familiar with the matter suggest these alleged infractions could lead to the company losing its operating license.
The BSP has reportedly restricted deposits made through DCPay Philippines, Coins.ph's wallet subsidiary, earlier this month. According to one source, there is no stated end date for this restriction. This move by the BSP follows a tightening of regulations for e-wallets, which has reportedly prompted gambling operators to shift their activities to platforms like Coins.ph.
Coins.ph had previously announced in 2022 that it had received an Electronic Payment and Financial Services (EPFS) authorization from the BSP. However, it remains unclear which specific authorization is at risk due to the current allegations. The BSP maintains a list of licensed virtual asset service providers, and companies have been removed from this list previously, though reasons are not always specified.
The central bank has previously ordered e-wallets to remove in-app access to online gambling sites. Neither Coins.ph nor the BSP had responded to requests for comment by the time of publication.