Coins.ph says Philippine central bank license intact amid revocation claims

Coins.ph maintains its Philippine central bank license despite claims of possible revocation related to offshore gambling transactions, according to the platform itself. The crypto exchange, one of the largest in the Philippines, reported $52 million in spot trading volume in a single day, as per CoinGecko data. The potential revocation stemmed from restrictions imposed by the Bangko Sentral ng Pilipinas (BSP) on incoming InstaPay and PESONet transfers involving DCPay Philippines, the entity operating Coins.ph's peso e-wallet services.

Coins.ph firmly rejected any accusations of knowingly serving offshore gaming or gambling operators, affirming its ongoing BSP licensing and continuous user fund safety measures. The company stated that they do not engage with such operators and rigorously screen customers and transactions per BSP guidelines. They did not confirm or deny possible transactions with these entities.

Earlier, Coins.ph informed its users about the BSP's directive to enhance internal controls, temporarily suspending cash-in services, QRPh collections, while keeping crypto trading, cash-outs, bill payments and merchant QRPh payments active.

The BSP allegedly issued Resolution No. 839, leading to the restrictions. DCPay operates under an electronic money issuer license, while Betur Inc. manages the exchange's crypto asset services under a virtual asset service provider license. The restrictions seemed to target DCPay's payment operations, not Betur's crypto services. The central bank had not explicitly connected this to the Coins.ph concerns. A BSP representative stated they would investigate the matter but no further comment was provided at the time.