Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action

Introduction

Coins.ph, the Philippines’ largest cryptocurrency exchange with over 18 million users, is reportedly under intense scrutiny by the Bangko Sentral ng Pilipinas (BSP). Sources say the central bank may strip the platform of its operating license due to alleged violations involving offshore gambling and gaming firms. The move could reshape the country’s crypto landscape, where Coins.ph currently dominates peso‑stablecoin liquidity and handles roughly $50 million in daily spot‑trading volume.

Why the BSP is Acting

The BSP’s recent actions follow a broader crackdown on e‑wallets used for gambling. Earlier this year, the regulator ordered digital‑money providers to block in‑app access to gambling sites, prompting many offshore operators to migrate to Coins.ph for crypto and stable‑coin payments. According to insiders, the exchange continued to process transactions for these entities, breaching the BSP’s anti‑money‑laundering (AML) directives. The alleged infractions are serious enough that the central bank has already imposed deposit restrictions on Coins.ph’s primary wallet subsidiary, DCPay Philippines, and may now consider full revocation of the exchange’s license.

Impact on the Philippine Crypto Ecosystem

Coins.ph controls an estimated 75‑80 % of peso‑to‑stablecoin liquidity, a critical conduit for remittances in a country that receives roughly $43 billion annually from overseas workers. Removing the platform could create a liquidity vacuum, forcing users to shift to smaller, less regulated services or traditional banking channels. The loss would also affect merchants and fintech firms that rely on Coins.ph’s API for payments, potentially slowing the adoption of digital assets in everyday commerce.

Compliance Challenges and Staff Turnover

Compounding the regulatory pressure, Coins.ph has seen a wave of senior compliance departures this year, including Chief Compliance Officer Lexi Herrera and AML specialists Chris Beaño and Irish Calagui. Their exits raise questions about the firm’s internal controls and its ability to meet the BSP’s stringent AML and counter‑terrorism financing standards. While the exchange has not publicly responded, the staffing gaps suggest a possible weakening of its compliance framework at a critical juncture.

What’s Next for Users and the Market?

If the BSP proceeds with license revocation, Coins.ph will likely be forced to wind down operations or seek a restructuring under tighter oversight. Users should prepare by diversifying holdings across multiple wallets and exchanges, and by monitoring official BSP communications for any deadlines or migration guidelines. For the broader market, the episode underscores the importance of robust compliance in emerging crypto hubs and may prompt other regional regulators to tighten oversight of platforms handling high‑volume fiat‑to‑crypto flows.

Conclusion

The potential regulatory action against Coins.ph highlights the delicate balance between fostering fintech innovation and enforcing AML safeguards in the Philippines. Stakeholders—from individual traders to large remittance firms—must stay vigilant as the BSP’s next steps could trigger a significant reshuffling of the nation’s crypto infrastructure. Preparing for alternative channels now can mitigate disruption and preserve confidence in the country’s digital‑asset ecosystem.