Coins.ph Rebuts Compliance Allegations, Says Customer Assets Safe and License Intact

Philippine cryptocurrency exchange Coins.ph has issued a formal response to allegations related to offshore gambling transactions and the possibility of sanctions by financial authorities, underscoring its commitment to regulatory compliance.

In a statement released on Oct. 14, Coins.ph said it was aware of recent allegations involving offshore gambling-related transactions and discussions with the Bangko Sentral ng Pilipinas, or BSP. The company said it was explaining its position to users and business partners.

Coins.ph said it complies with requirements and standards set by the BSP and the Anti-Money Laundering Council, or AMLC. It also stressed that, as a fully licensed virtual-asset platform, it is focused on building a safe and reliable digital-asset ecosystem.

The company said it continues to strengthen its internal compliance framework and control functions while working closely with regulators to improve operations. Through those efforts, it aims to bolster user protection and respond to a changing regulatory environment.

Coins.ph also addressed the safety of customer assets and the continuity of its business. "Customer assets are safe, and we continue to operate normally as an institution licensed by the BSP," the company said.

It added that some affected services are expected to be fully restored soon and that updates on the matter will be provided through official channels. It did not provide a specific timetable for the recovery.