Coins.ph, Philippines' largest crypto exchange, faces central bank regulatory action
Summary
The Philippines’ central bank is reportedly considering punitive action against Coins.ph, potentially including revoking its operating license, over alleged services to offshore gambling firms. The regulator recently imposed restrictions on deposits through the exchange’s main wallet provider, without stating a reason. Sources say gambling businesses shifted to Coins.ph after rules curtailed gambling access through e-wallets, using crypto and stablecoins to pay offshore partners. Coins.ph has more than 18 million customers and handles an estimated 75%–80% of the country’s peso-to-stablecoin liquidity. Several senior compliance staff have left. Neither the exchange nor the central bank commented.
