Coins.ph, widely regarded as the top cryptocurrency exchange operating in the Philippines, is reportedly under regulatory pressure from the country’s central bank. Two separate reports indicate the Bangko Sentral ng Pilipinas, known as BSP, is weighing action against the platform.
At the center of the scrutiny are alleged connections between Coins.ph and offshore gambling operations. Reports suggest this could jeopardize the company’s ability to continue operating under its current license. Neither report detailed the exact nature of the alleged links or the specific regulatory violations being examined.
Coins.ph has built a significant presence in the Philippine financial technology sector. The platform offers cryptocurrency trading alongside remittance and payment services to a large user base in the country. Its scale makes any regulatory setback consequential for the broader local crypto ecosystem, given how many retail users and businesses rely on it for everyday transactions.
The Philippines has positioned itself as one of the more active jurisdictions in Southeast Asia for digital asset regulation. BSP has issued licenses to multiple virtual asset service providers in recent years, aiming to bring oversight to a sector that grew rapidly during periods of heavy remittance flow and mobile payment adoption. Offshore gambling has separately drawn sustained scrutiny from Philippine authorities, who have moved to restrict and investigate operators tied to the sector over concerns about money laundering and illicit fund flows.
The intersection of these two regulatory priorities, digital assets and offshore gambling, appears to be what has placed Coins.ph under examination. Details on what triggered the central bank’s review, and what specific evidence underpins the gambling-related allegations, were not disclosed in the reports.
It remains unclear what form any central bank action might take. Options could range from fines and compliance requirements to suspension or revocation of the exchange’s operating license. Neither Coins.ph nor BSP has issued a detailed public statement addressing the specifics described in the reports.
The outcome of this situation could carry weight beyond Coins.ph itself. Regulatory actions against a dominant market player often prompt other licensed exchanges to review their own compliance posture. They can also influence how aggressively a central bank pursues oversight of the broader virtual asset sector going forward.
Sources disagree on this story
This article was published before the reports below were compared. The reporting above stands; what follows is where the published accounts do not agree.
CoinDesk and Coinfomania give opposite accounts of Coins.ph's current trading activity amid a BSP regulatory probe.
What all sources agree on
- Coins.ph is facing scrutiny from the Bangko Sentral ng Pilipinas (BSP) over alleged links to offshore gambling operators.
- The exchange has over 18 million (registered) customers/users.
- The BSP has imposed restrictions on deposits/peso transfers made through Coins.ph's wallet operator, DCPay Philippines.
- Several senior compliance staff, including Chief Compliance Officer Lexi Herrera and AML specialists Chris Beaño and Irish Calagui, have departed the company in 2026.
- The situation could potentially result in Coins.ph losing its operating license.
Where the reports disagree
1Current trading volume at Coins.ph
The exchange, which has over 18 million customers, has a 24-hour spot trading volume of about $50 million and controls some 75%-80% of peso-to-stablecoin liquidity in the Philippines
Currently, there are no reported trading volumes for Coins.ph, indicating a potential halt in activity amid the ongoing regulatory investigation.
What would settle it: Coins.ph's own published trading volume data or a third-party market data provider's verified figures for the relevant period.
What to make of it
Treat the BSP scrutiny, deposit restrictions, and compliance staff departures as established across all three reports; the claim about Coins.ph's current trading volume—$50 million per CoinDesk versus none reported per Coinfomania—should not be relied upon until the exchange or a verified market data source confirms actual figures.
Market Impact
Should BSP confirm formal action against Coins.ph, the immediate effect would likely center on user confidence and platform liquidity within the Philippine market. As the country's largest crypto exchange, Coins.ph plays an outsized role in local trading volume and remittance-linked crypto activity, meaning any disruption to its license status could push users toward alternative licensed platforms or informal channels.
More broadly, the episode could sharpen regulatory attention on links between crypto platforms and gambling-adjacent financial flows across Southeast Asia, a region where authorities have already been tightening enforcement against offshore gambling operators. Exchanges operating in similar regulatory environments may face closer compliance reviews as a result.
With key details still unconfirmed, the situation around Coins.ph remains fluid. Further statements from BSP or the exchange itself would help clarify the scope and severity of any regulatory action.
Frequently Asked Questions
What is Coins.ph?
Coins.ph is described as the largest cryptocurrency exchange operating in the Philippines, offering trading, remittance, and payment services.
What triggered the central bank's scrutiny?
Reports indicate the review is tied to alleged links between Coins.ph and offshore gambling operations, though specific details have not been disclosed.
Could Coins.ph lose its operating license?
Reports suggest license loss is a possible outcome, though the central bank has not confirmed the specific action it may take.
Has Coins.ph responded to the allegations?
No detailed public statement from Coins.ph addressing the specific allegations has been reported at this time.