Coins.ph License Remains Intact Amid Philippine Central Bank Scrutiny
Key Summary
Coins.ph, one of the largest crypto exchanges in the Philippines, has denied allegations of serving offshore gambling operators and maintains its central bank license despite reports of possible revocation. The company cited strengthened internal controls and denies knowingly serving restricted operators, but its users' funds remain safe. The central bank's restrictions on incoming transfers from DCPay Philippines, the entity operating Coins.ph's peso e-wallet services, have raised concerns about the license's integrity.
Background
Coins.ph, a leading crypto exchange in the Philippines, has faced reports of possible license revocation due to alleged offshore gambling transactions.
The Company's Response
Coins.ph firmly denies any claim that it knowingly serves offshore gaming or gambling operators, stating that its users' funds are safe and that it continues to operate as a BSP-licensed institution.
Central Bank Restrictions
The Bangko Sentral ng Pilipinas (BSP) has imposed restrictions on incoming InstaPay and PESONet transfers involving DCPay Philippines, the entity operating Coins.ph's peso e-wallet services.
Internal Controls
Coins.ph has strengthened its internal controls in response to the central bank's instructions. The company has temporarily made some services unavailable, including cash-in and QRPh collections, but has maintained crypto trading, cash-outs, bill payments, and merchant QRPh payments.
Denial of Knowledge
When asked whether it could confirm or deny processing transactions involving restricted operators, a company spokesperson stated that they would seek clarification internally but had no further information to share at the time.
Regulatory Landscape
The BSP has not publicly linked the central bank's directive to remove links to gambling websites from payment applications to the restrictions on Coins.ph. Cointelegraph has sought confirmation and comment from the BSP, but a central bank representative said they would look into the inquiry but had not provided further comment at the time of publication.
The restrictions and allegations have raised concerns about the integrity of Coins.ph's license and its ability to operate as a legitimate exchange. The company's denial of knowingly serving offshore gambling operators and its strengthened internal controls have helped to alleviate some concerns, but the situation remains uncertain.