Eighteen million customers. That is the user base of Coins.ph, the Philippines’ largest crypto exchange, which CoinDesk reported on 13 October is facing punitive action from the central bank.
Two people with knowledge of the matter told CoinDesk that the Bangko Sentral ng Pilipinas is acting over alleged links to offshore gambling firms. One said the infractions are serious enough that the exchange could lose its licence.
Earlier this month the regulator reportedly restricted deposits made through DCPay Philippines, the company’s main wallet firm, with no time limit and no stated reason, according to one source. Three compliance officials have also left this year. The stakes are local and large. CoinDesk says the exchange handles roughly 75 to 80 percent of peso-to-stablecoin liquidity in a country that receives about $43 billion a year in remittances.
The exchange is 12 years old, and was bought by Gojek in 2019 for $95 million before being sold on. Coins.ph said it is aware of the reports and that user funds are safe. It said it remains licensed by the central bank, expects to restore affected services soon, and keeps controls to keep offshore gaming operators off its platform.
None of this is confirmed by the regulator. The sources are anonymous, the volume of any gambling flows is not quantified, and no reason has been given for the deposit restriction.
What happens to the licence is the unresolved part, and the answer will decide how Filipinos move money.
