Philippines’ Largest Crypto Exchange Coins.ph Faces Possible License Revocation Over Suspected Regulatory Violations

Coins.ph, the Philippines’ largest cryptocurrency exchange, may face sanctions from financial authorities over transactions linked to offshore gambling operators.

CoinDesk reported on October 13 that the Bangko Sentral ng Pilipinas, the country’s central bank, is considering sanctions over Coins.ph transactions tied to overseas gambling firms. Two people familiar with the matter said the exchange’s operating license could also be revoked, depending on the severity of the violations.

Coins.ph has more than 18 million customers, making it the largest crypto exchange in the Philippines. Its spot trading volume over the past 24 hours was about $50 million, and it accounts for roughly 75% to 80% of liquidity in trading between the Philippine peso and stablecoins. Any license revocation would therefore have a significant impact on the local digital-asset market.

Earlier this month, the Philippine central bank reportedly imposed restrictions on deposits into the exchange through DCPay Philippines, a key e-wallet operator for Coins.ph. The measures did not specify an end date, and the reason for the restrictions was not disclosed.

The move came after several of Coins.ph’s key compliance officers left the company. They included Chief Compliance Officer Lexi Herrera, AML transaction monitoring head Chris Beaño and money laundering reporting officer Irish Calagui.

Last year, the Philippine central bank introduced measures to limit the use of gambling services through e-wallets. At the time, it required supervised financial institutions to block access to gambling sites within e-wallet applications. Some gambling operators later shifted transactions to Coins.ph, allowing payments to overseas partners in cryptocurrencies and stablecoins, the people said.

The Philippines is the world’s fourth-largest remittance recipient, with more than 10.8 million Filipinos living abroad. Annual remittance inflows total about $43 billion. Most transfers move through banks and money-transfer operators, but Coins.ph’s large share of local peso-stablecoin trading has drawn attention to the broader fallout any regulatory action could have on the market and remittance flows.

Coins.ph and the Bangko Sentral ng Pilipinas did not respond to requests for comment. Coins.ph was acquired by Indonesian technology company Gojek for $95 million in 2019 and was later sold to Wei Zhou, Binance’s former chief financial officer.