The Philippine central bank is preparing sanctions against crypto platform Coins.ph over flows from offshore casino operators. Two sources confirmed the Bangko Sentral ng Pilipinas investigation to CoinDesk, and one of them said the platform's licence could be revoked. Coins.ph denies knowingly serving gambling businesses.
The trouble traces to August 2025, when BSP ordered financial institutions to strip embedded gambling links within 48 hours, citing consumer protection. Several gambling operators moved to Coins.ph after that. A third CoinDesk source said the shift gave them access to crypto and stablecoins for settling with offshore partners.
In late September BSP partially suspended DCPay Philippines, which runs the Coins.ph peso wallet, under Monetary Board Resolution No. 839. Crypto services sit in a separate company, Betur, under a VASP licence. InstaPay and PESONet top-ups and QRPh payment collection are down; withdrawals, bill payments, QRPh merchant payments and crypto trading still run.
CoinDesk also reported that several compliance executives left this year, among them chief officer Lexi Herrera. Coins.ph holds 75-80% of liquidity in the Philippine peso / stablecoin pair. The regulator has told the platform to tighten internal controls; the company says client funds are safe and full service will return shortly.
