Coins.ph Denies Reports of Philippine License Revocation
Summary
- Coins.ph said it denied reports that its local license revocation was under consideration over allegations of transactions involving offshore gambling operators.
- The exchange said customer funds are safe and that it continues to operate as an entity licensed by the Bangko Sentral ng Pilipinas (BSP).
- Separately, the BSP said it had restricted the Coins.ph e-wallet operator from receiving external funds through InstaPay and PESONet.
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Philippine cryptocurrency exchange Coins.ph denied reports that its local license could be revoked.
Cointelegraph reported on October 14 that Coins.ph rejected allegations that its authorization to operate in the Philippines could be canceled over suspected transactions involving offshore gambling operators. The exchange said customer funds are safe and that it continues to operate under a license from the Bangko Sentral ng Pilipinas, the Philippines' central bank, or BSP.
The company said it continuously monitors users and transactions in line with BSP licensing requirements and has not allowed offshore gambling operators to use its platform. Cointelegraph added that Coins.ph did not directly confirm or deny whether any such transactions had taken place.
Separately, the BSP recently restricted DCPay Philippines, the e-wallet operator for Coins.ph, from receiving external funds through InstaPay and PESONet.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul