Coins.ph faces possible license revocation over gambling allegations. Philippine cryptocurrency exchange Coins.ph faces potential regulatory penalties over alleged offshore gambling transactions. The central bank has reportedly restricted deposits, while the company denies wrongdoing and maintains that customer funds remain safe. Published on: 14 Oct 2026, 7:45 am Updated on: 14 Oct 2026, 7:45 am Coins.ph, one of the Philippines' largest cryptocurrency exchanges, faces potential regulatory penalties over allegations involving offshore gambling operators. Two people familiar with the matter said Bangko Sentral ng Pilipinas (BSP) could revoke the company's operating license. The central bank has reportedly restricted deposits through the exchange's primary wallet provider, DCPay Philippines. Meanwhile, Coins.ph denies knowingly serving offshore gambling businesses and maintains that customer funds remain safe. The allegations place a major Philippine cryptocurrency platform under scrutiny. Coins.ph serves more than 18 million customers and handles approximately $50 million in daily spot trading volume. According to one source, losing its license could severely disrupt the country's cryptocurrency ecosystem. Coins.ph faces regulatory scrutiny over gambling claims. The regulatory concerns reportedly involve transactions linked to offshore gambling companies. Sources familiar with the situation said the alleged violations could expose Coins.ph to severe penalties, including the loss of its license. At the beginning of October, BSP reportedly imposed restrictions on deposits through DCPay Philippines, the exchange's main wallet company. Unlike routine temporary suspensions, the reported restrictions carried no specified end date. One person familiar with the matter said regulators provided no reason for the measure. Meanwhile, the central bank had not responded to requests for comment when the original report appeared. The developments also follow departures from the company's compliance department. Former chief compliance officer Lexi Herrera, anti-money laundering transaction monitoring head Chris Beaño, and money laundering reporting officer Irish Calagui have left the company. These departures occurred as questions emerged about the exchange's compliance practices. Nevertheless, the available information does not establish whether the staffing changes relate directly to the reported regulatory action. Coins.ph denies serving offshore gambling operators. Following the report, Coins.ph rejected allegations that it knowingly provided services to offshore gaming or gambling businesses. The company maintained that it continues to meet regulatory requirements. It also confirmed that it remains a BSP-licensed institution. Furthermore, Coins.ph assured customers that their funds remain safe and expressed confidence in restoring affected services soon. The exchange said its operations follow standards established by the BSP, Anti-Money Laundering Council (AMLC), and other authorities. It also expressed willingness to engage with journalists about its operations. Yet the allegations follow earlier restrictions on gambling-related financial services in the Philippines. More than a year earlier, BSP ordered supervised institutions to remove direct gambling access from electronic wallet applications. According to people familiar with the situation, several gambling businesses subsequently moved toward Coins.ph. Another source said cryptocurrency and stablecoin services allowed those businesses to make payments to offshore partners. Philippines crypto market faces potential liquidity risks. Coins.ph reportedly controls approximately 75% to 80% of Philippine peso-to-stablecoin liquidity. Consequently, regulatory action against the exchange could affect an important channel for cryptocurrency transactions. The Philippines also ranks as the world's fourth-largest recipient of remittances. More than 10.8 million Filipinos live abroad, according to the Commission on Filipinos Overseas. These overseas communities send approximately $43 billion home annually. Although banks and conventional money transfer providers handle most remittances, stablecoins offer another channel for moving funds. Coins.ph has operated for roughly 12 years, initially providing cryptocurrency wallet and exchange services before expanding into broader financial products. Its ownership also changed during that period. Indonesian technology company Gojek acquired Coins.ph for $95 million in January 2019. Gojek subsequently sold the business to Wei Zhou, a former Binance chief financial officer. The company now faces regulatory uncertainty while continuing to operate under its existing BSP license. Conclusion. Coins.ph faces possible regulatory penalties following allegations involving offshore gambling transactions. The exchange denies knowingly serving gambling operators and says customer funds remain secure. Meanwhile, reported deposit restrictions and compliance staff departures have raised questions about its operations. Any license revocation could affect the platform's substantial share of Philippine peso-to-stablecoin liquidity.

Coins.ph gambling link allegations put crypto exchange license at risk. Sarayu Krishna Published on Oct 14, 2026 at 10:46 AM * Coins.ph faces regulatory scrutiny as the Bangko Sentral ng Pilipinas is weighing potential sanctions over allegations of processing transactions for restricted offshore gambling operators. * License revocation remains a possibility, depending on the severity and extent of any violations established by regulators. Coins.ph, the largest cryptocurrency exchange in the Philippines, is facing potential regulatory action from the Bangko Sentral ng Pilipinas. The allegations are that it processed transactions for restricted offshore gambling operators. The central bank is weighing sanctions against the exchange, and license revocation remains on the table depending on how deep the violations run. The exchange has over 18 million customers and handles roughly 75% to 80% of all trading between the Philippine peso and stablecoins. Its 24-hour spot trading volume is about $50 million. A license revocation at this scale would not affect Coins.ph, it would reshape the local digital asset market. The background traces to a regulatory shift last year when the BSP moved to limit gambling activity through e-wallet applications. It is ordering supervised financial institutions to block in-app access to gambling sites. According to the sources, several gambling operators responded by migrating their transactions to Coins.ph, using crypto and stablecoins to pay offshore partners. This effectively routes around the restrictions the central bank had put in place. Earlier this month, the BSP moved first with a softer tool, restricting deposits into Coins.ph through DCPay Philippines. It is a key e-wallet operator for the exchange, via InstaPay and PESONet. No reason was given publicly, and no end date was set. Deposit restrictions are typically the opening move in a regulatory review, not the conclusion. The compliance departures. What makes the situation harder to read from the outside is the departure of three senior compliance figures in the period leading up to the restrictions. Chief Compliance Officer Lexi Herrera, AML transaction monitoring head Chris Beano, and money laundering reporting officer Irish Calagui have all left the company. In addition, the compliance exits during regulatory pressure can signal internal disagreement over how to respond, or they can simply reflect the stress that comes with heightened scrutiny. Either way, the timing draws attention. Why this matters beyond the exchange? The Philippines is the world's fourth-largest remittance recipient, with more than 10.8 million Filipinos living abroad and annual inflows of approximately $43 billion. Most of that moves through banks and traditional money transfer operators. Moreover, Coins.ph's dominant share of peso-stablecoin liquidity means any significant disruption to its operations would be felt across the broader remittance and crypto ecosystem in the country. Coins.ph was acquired by Indonesian technology company Gojek for $95 million in January 2019. Later sold to Wei Zhou, formerly Binance's chief financial officer. Also, the allegations have not been formally adjudicated. Crypto Market Highlights

Philippine regulatory authorities investigate Coins.ph over alleged involvement in gambling transactions. The Philippine cryptocurrency exchange Coins.ph is reportedly facing heightened scrutiny from the Bangko Sentral ng Pilipinas (BSP) due to alleged transactions connected to restricted offshore gambling operators, raising questions about its regulatory compliance. * Coins.ph is reportedly under regulatory scrutiny over alleged financial transactions related to restricted offshore gambling. * Philippine regulators have restricted incoming InstaPay and PESONet transfers via DCPay, impacting Coins.ph's wallet funding services. * Despite these restrictions on incoming deposits, Coins.ph has confirmed that cryptocurrency trading and outgoing transfers are still operational. * The exchange functions through separate entities dedicated to cryptocurrency services and electronic money payment operations. * In August 2025, the BSP instructed financial institutions to eliminate links to gambling access from payment applications. The allegations, raised in reporting on October 13 by insiders, suggest that the exchange may have processed payments for offshore gaming businesses. Coins.ph has not publicly addressed these allegations, and there is no official BSP finding confirming gambling-related misconduct. However, the exchange has acknowledged that improvements to its internal controls have been mandated by the central bank and certain payment services have been restricted. Coins.ph under investigation for alleged gambling payments. Sources familiar with the regulatory issues claim that Coins.ph allegedly involved itself in transactions with offshore gambling companies that are prohibited in the Philippines. One source indicated that these compliance shortcomings could jeopardize the company's operating license, although no official revocation notice has been announced. The allegations surfaced following the BSP's decision to restrict incoming transactions through DCPay Philippines, which provides the electronic money services for Coins.ph's peso wallet. These restrictions hinder transfers through InstaPay and PESONet, two vital payment networks utilized for moving Philippine pesos among participating financial institutions. Coins.ph has confirmed that the BSP has mandated enhancements to its internal controls. The company stated that incoming peso transfers via InstaPay and PESONet, in addition to QRPH collection services, would be temporarily disabled while it addresses the regulator's requirements. The public statement did not attribute the restrictions to gambling-related transactions. The BSP has yet to publicly affirm that Coins.ph breached any gambling regulations, and official records do not indicate that its cryptocurrency exchange license has been suspended or revoked. Recent reports regarding the company's compliance operations have noted the resignation of several high-ranking personnel, including compliance chief Lexi Herrera, anti-money laundering transaction monitoring head Chris Beaño, and money laundering reporting officer Irish Calagui. The exact circumstances surrounding their departures have not been determined independently. Neither Coins.ph nor the regulator has indicated that these personnel changes are linked to confirmed regulatory infringements. Impact of BSP restrictions on Coins.ph deposits but not trading. The payment restrictions began impacting Coins.ph customers in late September, hindering their ability to add Philippine pesos through specific banking methods. The exchange maintains its electronic money and cryptocurrency operations through distinct regulated entities. DCPay Philippines provides electronic money services and facilitates peso transfers, while Betur Inc. operates the virtual asset business under the Coins.ph name. The company's user agreement delineates the services of these two entities under BSP supervision. The restrictions pertain to DCPay's payment services and do not inherently indicate that Betur has lost its authorization to function as a cryptocurrency exchange. Coins.ph assured customers that they could still access various services, including cryptocurrency trading, outgoing transfers, bill payments, and QRPH payments. The platform emphasizes that customer funds continue to be safeguarded under applicable BSP regulations. The official service status page has shown ongoing maintenance for InstaPay and PESONet cash-in services during the recent reviews. Since September 29, incoming InstaPay transfers have continued to carry an unresolved maintenance notice, while cryptocurrency spot trading and outgoing bank transfers were reported as operational. Customers thus face limitations on specific peso funding methods, although they can still access their existing accounts and available cryptocurrency services. Previously, incoming bank transfers had faced restrictions due to the BSP's intervention against DCPay. Earlier reports confirmed that outgoing transfers remained accessible and that the cryptocurrency trading operation is legally distinct from the impacted electronic money services. BSP tightened regulations on online gambling payments in 2025. The current allegations emerge within a context of stricter regulations governing online gambling payments in the Philippines. In August 2025, the BSP instructed regulated financial institutions to eliminate features enabling customers to directly access gambling platforms from their payment apps and websites. The BSP Memorandum M-2025-029, dated August 14, mandated the removal of gambling access links within 48 hours. This directive followed a Monetary Board decision to suspend such features while officials crafted standards for payment services related to online gambling. The memorandum specifically targeted links that direct customers from financial applications to gambling sites without instituting an outright prohibition of all financial transactions involving licensed gaming enterprises. In a separate regulatory proposal, the BSP introduced requirements for financial institutions offering online gambling payment services, emphasizing enhanced customer protections and safeguards against financial misconduct. This proposed framework includes customer and beneficial owner identification, transaction monitoring, and institutional responsibilities. Coins.ph's terms expressly forbid the use of its services for illegal gambling and specific unauthorized gaming activities. Its prohibited-business provisions encompass illegal gambling operations, sports betting, and other restricted activities. The presence of these restrictions does not determine whether Coins.ph engaged in the transactions specified in the allegations. Verification of whether prohibited businesses utilized its services would necessitate transaction records, compliance reports, or an official regulatory assessment that has not been publicly disclosed. Coins.ph awaiting further regulatory updates. Having been operational in the Philippine cryptocurrency market since 2014, Coins.ph boasts over 18 million registered users. The company underwent ownership changes in 2019, when Indonesian technology firm Gojek acquired it for a reported USD 95 million. Subsequently, in 2022, the platform was sold to an investment group consisting of Joffre Capital and former Binance chief financial officer, Wei Zhou. Presently, Coins.ph provides cryptocurrency trading, digital wallets, domestic payments, and remittance services. The BSP's public payment-system register lists DCPay Philippines under the Coins.ph business name, categorizing it as a registered operator of a payment system, while Betur is listed separately in the regulator's records. Coins.ph has indicated that it is collaborating with the central bank to complete necessary improvements to its internal controls within the timelines set by the regulator. The company has not specified a date for resuming the suspended cash-in services. The latest Coins.ph service advisory reassures customers that their funds remain secure under BSP guidelines, confirming that incoming InstaPay and PESONet transfers and QRPH collection services are temporarily unavailable, while cryptocurrency trading, outgoing transfers, and bill payments continue to function.