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Philippine crypto exchange Coins.ph faces central bank regulatory penalty, could lose operating license
PANews reported on October 14, citing CoinDesk, that two people familiar with the matter said Philippine cryptocurrency exchange Coins.ph is facing a regulatory penalty from the Bangko Sentral ng Pilipinas (BSP). The alleged violations reportedly involve processing business transactions for restricted offshore gambling enterprises, and in serious cases the platform could have its operating license revoked.
Earlier this month, the Philippine central bank reportedly restricted deposits to the exchange through Coins.ph's wallet operator DCPay Philippines, but did not disclose the specific reason. Previously, the BSP had required regulated institutions to cut off e-wallet apps' access to gambling websites. Sources said some gambling enterprises subsequently turned to Coins.ph and used it to pay offshore partners with cryptocurrencies and stablecoins.
Source: PANews