Philippine Crypto Exchange Coins.ph Faces Central Bank Action Over Gambling Links

The Philippines' central bank has cut off bank deposits into Coins.ph, the country's largest crypto exchange. Two people familiar with the matter told CoinDesk on Oct. 13 that the exchange faces punitive action over alleged dealings with offshore gambling firms.

The stakes reach beyond one app. Coins.ph has more than 18 million customers and handles an estimated 75% to 80% of the trade between pesos and stablecoins, the dollar-pegged crypto tokens, according to CoinDesk. One source said the alleged infractions could cost the company its license, causing "an earthquake" in the local crypto market.

Cash-Ins Stop as Compliance Staff Leave

Users have been unable to add pesos from banks or other e-wallets since late September. In a user advisory, Coins.ph said the Bangko Sentral ng Pilipinas (BSP) "has directed Coins.ph to introduce enhancements to our internal controls."

Cash-ins through InstaPay and PESONet, the country's two main bank transfer networks, are suspended. So are incoming QR code collections. Cash-outs, bill payments and crypto trading still work.

Multiple reports say a BSP board resolution targets DCPay Philippines, the company's e-money arm. Payment firms were notified on Sept. 29. One source told CoinDesk the restriction has no end date.

Chief Compliance Officer Lexi Herrera and two anti-money laundering specialists left the exchange this year, CoinDesk reported.

Coins.ph Denies Serving Gambling Operators

"Coins.ph firmly denies any claim that it knowingly serves offshore gaming or gambling operators."

The company gave that statement to CoinDesk. It added that user funds are safe and that it still operates as a BSP-licensed institution. The central bank had not commented by publication.

The case traces back to August 2025. The BSP then ordered every institution it supervises to remove in-app gambling links within 48 hours. Afterward, several gambling firms moved their payments to Coins.ph, according to CoinDesk's sources, gaining stablecoins to pay offshore partners.

Coins.ph said it is working to meet the BSP's requirements "within the timelines it has set" and will post updates as services return. Neither side has given a date, and the BSP has not said publicly whether the license is under review.

Treat gambling as entertainment you pay for. 18+, and if it stops feeling like entertainment, help exists at BeGambleAware and GamCare.