Coins.ph denies license revocation risk over offshore gambling claims

Coins.ph insists BSP license is still valid

Coin.ph, one of the Philippines' largest cryptocurrency exchanges, says its license from the Bangko Sentral ng Pilipinas (BSP), the country's central bank, remains active. The statement comes after reports that regulators could revoke its license due to suspected transactions with offshore gambling operators.

The exchange posted approximately $52 million in 24-hour spot trading volume on Wednesday, according to CoinGecko. DCPay Philippines, the entity behind Coins.ph's peso e-wallet, is subject to BSP restrictions on incoming InstaPay and PESONet transfers — two local digital payment systems.

What the exchange says

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

A Coins.ph spokesperson told Cointelegraph the exchange does not accept or allow offshore gambling operators and screens customers and transactions in line with BSP requirements. When asked directly whether such transactions had been processed through the platform, the spokesperson did not confirm or deny.

BSP restricts certain payment services

In an earlier advisory, Coins.ph said the BSP instructed it to strengthen internal controls. Cash-in services and QRPh collections were temporarily unavailable. QRPh is the BSP's national QR payment standard. Crypto trading, cash-outs, bill payments and merchant QRPh payments remained accessible, the company said.

Local outlet BitPinas reported the restrictions were imposed under BSP Monetary Board Resolution No. 839. DCPay Philippines holds an electronic money issuer license, while Betur Inc. operates the exchange's crypto asset services under a separate virtual asset service provider (VASP) license. The restrictions reportedly target DCPay's payment operations rather than Betur's crypto services.

Regulatory context

In 2025, the BSP ordered supervised financial institutions to remove links providing access to gambling websites from their payment applications. The central bank has not publicly linked that directive to the current restrictions on Coins.ph.

Cointelegraph sought comment from the BSP. A central bank representative said they would look into the inquiry but had not provided further comment at the time of publication.

What is confirmed

• Coin.ph states its BSP license remains intact and it continues to operate as a licensed institution.
• The BSP imposed restrictions on incoming InstaPay and PESONet transfers involving DCPay Philippines under Resolution No. 839, according to local media.
• Cash-in services and QRPh collections were temporarily suspended, while crypto trading and other services remained available.
• Coin.ph denies knowingly serving offshore gambling operators.
• The BSP has not publicly confirmed the reason for the restrictions or confirmed any license revocation risk.

What is still unclear

• Whether offshore gambling transactions actually occurred through Coins.ph's platform — the company did not directly confirm or deny.
• Whether the BSP intends to pursue license revocation or is only strengthening supervisory controls.
• Whether the 2025 BSP directive on gambling links is connected to these restrictions.

Why this matters for crypto users

Coin.ph is a major crypto exchange in the Philippines. Restrictions on its peso payment services could affect how users deposit and move money, even if core trading functions remain open. The situation highlights growing regulatory scrutiny of crypto platforms linked to offshore gambling activity in the region.

Sources

• Cointelegraph