Coins.ph denied that its license had been revoked by the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, following reports of potential regulatory action over alleged transactions involving offshore gambling operators.
The exchange said it remains licensed and that its users’ funds are safe. It also rejected allegations that it knowingly provides services to offshore gambling operators.
The controversy emerged after the BSP imposed restrictions on certain operations of DCPay Philippines, the entity responsible for Coins.ph’s Philippine peso e-wallet services.
The measures affect incoming transfers through InstaPay and PESONet. Coins.ph also reported that peso deposits and QRPh collections had been temporarily suspended.
However, cryptocurrency trading, withdrawals, bill payments, and merchant payments through QRPh remain available.
The company explained that the regulator had instructed it to strengthen its internal controls. According to local media, the restrictions were imposed under BSP Monetary Board Resolution No. 839.
Coins.ph operates its services through two separate entities: DCPay, which holds an electronic money issuer license, and Betur Inc., which is authorized as a virtual asset service provider.
The reported restrictions affect DCPay’s payment operations rather than Betur’s cryptocurrency services.
A Coins.ph spokesperson said the company continuously monitors its customers and transactions to comply with regulatory requirements. However, the spokesperson did not directly confirm or deny whether transactions linked to offshore gambling platforms had previously been processed.
The BSP had not issued any additional comments regarding a potential license revocation at the time of publication.
Source: https://fintechnews.ph/73960/crypto/coins-ph-gambling-licence-statement/
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