Regulatory Threat Looms Over Coins.ph
Coins.ph, the biggest cryptocurrency exchange operating in the Philippines, is under threat of having its operating license withdrawn by the nation's central bank, according to two individuals familiar with the matter. The alleged violations centre on the platform's connections to offshore gambling operators, a matter serious enough that the 12-year-old firm could be stripped entirely of its regulatory authorisation.
One of the two sources described a potential licence removal as something that would send "seismic" shockwaves through the country's broader crypto landscape. The exchange currently serves more than 18 million customers, processes roughly $50 million in 24-hour spot trading volume, and manages an estimated 75% to 80% of the peso-to-stablecoin liquidity in the Philippines — a critical flow in a country that ranks as the world's fourth-largest recipient of remittances.
According to the Commission on Filipinos Overseas, more than 10.8 million Filipinos reside abroad. While the majority channel their earnings home through traditional banking channels and money-transfer services totalling around $43 billion annually, stablecoin transfers represent a growing alternative.
Gambling Connections and Compliance Departures
At the beginning of this month, the Bangko Sentral ng Pilipinas (BSP) reportedly placed restrictions on deposits made to the exchange via DCPay Philippines, Coins.ph's principal wallet subsidiary. Notably, the measure was not time-bound — a stark departure from the short-term suspensions the central bank typically levies on firms that miss throughput or latency benchmarks. Sources indicated that no specific justification was provided alongside the restriction.
The regulatory action follows the recent departure of several senior compliance figures from the company, including Lexi Herrera, who served as chief compliance officer; Chris Beaño, who headed anti-money-laundering transaction monitoring; and Irish Calagui, the money-laundering reporting officer.
The backdrop dates back a little over a year, when the BSP ordered supervised institutions to remove in-app access to gambling sites from e-wallet applications. In the wake of that crackdown, multiple gambling entities shifted their operations to Coins.ph, the sources said. A third individual familiar with the central bank's regulatory processes noted that the migration offered those firms the additional benefit of crypto and stablecoin access for settling payments to offshore partners.
Neither Coins.ph nor the BSP responded to requests for comment by press time.
Ownership History and Broader Implications
Coins.ph originated as one of the first crypto wallets and exchanges in the Philippines before expanding into a wider suite of financial services. In January 2019, Indonesian technology conglomerate Gojek acquired the platform for $95 million. The exchange was subsequently sold to Wei Zhou, who had previously served as chief financial officer at Binance.
A full licence revocation would represent one of the most consequential regulatory actions in the history of the Philippines' digital-asset sector, given the platform's dominant share of local stablecoin liquidity and its role in facilitating cross-border remittances for millions of Filipino workers abroad.
