Philippines’ largest crypto exchange Coins.ph reportedly faces central bank regulatory action
Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action
AI-assisted source summary · not independently verified. Content standards
Two people familiar with the matter said the Bangko Sentral ng Pilipinas is taking regulatory action against crypto exchange Coins.ph over alleged violations involving the provision of services to offshore gambling platforms, which could, in serious cases, lead to the revocation of its license. Earlier this month, the Bangko Sentral ng Pilipinas reportedly restricted deposits to the exchange through its main wallet operator, DCPay Philippines, and several compliance executives also left this year. Coins.ph has more than 18 million customers and controls approximately 75%-80% of the Philippines’ peso-to-stablecoin liquidity.
The report links the licensing risk, restrictions on deposits through DCPay and the departures of compliance team members, helping readers understand the potential regulatory impact on the Philippines’ crypto trading and stablecoin liquidity.
Source:CoinDesk · coindesk.com