Coins.ph said it remains licensed by the country’s central bank following reports it may face license revocation for alleged transactions involving restricted offshore gambling operators.
Coins.ph is one of the largest crypto exchanges in the Philippines, recording nearly $52 million in 24-hour spot trading volume on Wednesday. According to to CoinGecko. The reported license risk follows restrictions imposed by the Bangko Sentral ng Pilipinas (BSP) on incoming InstaPay and PESONet transfers to DCPay Philippines, the company that operates Coins.ph’s peso e-wallet service.
“Coins.ph strongly 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.
While Coins.ph has denied knowingly serving offshore gambling operators, it did not directly address whether such entities used its platform. When asked whether it could confirm or deny awareness of processing transactions involving these operators, a company spokesperson told Cointelegraph that they would seek clarification internally but had no further information to share at the time.
BSP restrictions target Coins.ph payment service
in an earlier adviceCoins.ph said the BSP has ordered it to strengthen internal controls. The company said that cash-in services and QRPh collection were temporarily unavailable, while crypto trading, cash-out, bill payments and merchant QRPh payments were accessible. QRPh Payment is the central bank’s national QR standard.
Local media outlet Bitpinus Report The restrictions were imposed under BSP Monetary Board Resolution No. 839. DCPay holds an electronic money issuer license, while Betur Inc. A separate virtual asset service provider operates the exchange’s crypto asset services under license. The restrictions target DCPay’s payment operations rather than Betur’s crypto services.
Related: Philippines eyes payment operator registration suspended, strict VASP checks
In 2025, the central bank order Supervised financial institutions to remove links providing access to gambling websites from their payment applications. However, the BSP has not publicly linked that directive to Coins.ph’s restrictions.
Cointelegraph also sought confirmation and comments from the BSP. A representative of the central bank said it would look into the investigation but did not comment further at the time of publication.
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