Philippines' Biggest Crypto Exchange Coins.ph Says Its Licence Is Safe — But Peso Cash-Ins Are Paused as Central Bank Tightens Controls
Coins.ph, the biggest crypto exchange in the Philippines, says its central bank licence is still valid and its users' funds are safe. The company spoke out on Wednesday after reports said the Bangko Sentral ng Pilipinas (BSP) could take tough action against it, and some users were facing problems with parts of the app.
This is not a small platform. Coins.ph says it has about 18.6 million registered users, and CoinGecko data put its spot trading at around $52 million in 24 hours on Wednesday. Reports also say it handles roughly 75% to 80% of peso-to-stablecoin liquidity in the country, which makes it a key door for money moving in and out of crypto in the Philippines, a country that receives tens of billions of dollars in remittances every year.
Some services are already limited. The BSP has restricted incoming InstaPay and PESONet transfers through DCPay Philippines, the firm behind the exchange's peso wallet. Coins.ph says cash-in services and QRPh collections are temporarily unavailable, and that the central bank has told it to improve its internal controls. Crypto trading, cash-outs and bill payments are still working, the company says.
The reports behind the action, citing people familiar with the matter, link the scrutiny to alleged transactions for restricted offshore gambling firms. Coins.ph strongly denies that it knowingly serves such operators, and says it screens customers and transactions under BSP rules. So far there is no public BSP finding against the exchange and no notice that its licence has been revoked. Reports also note that several senior compliance staff recently left the company, which has added to the pressure.
For traders, the key point is liquidity. If the main peso cash-in route stays paused for long, local buying power and stablecoin demand in the Philippines could slow down, even while trading itself stays open. The next things to watch are simple: when cash-ins come back, and whether the central bank takes any further step.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: CoinDesk, Cointelegraph, CryptoSlate, CoinGecko