Philippines Crypto Exchange Coins.ph Faces Central Bank Action Over Gambling Links

Key Facts

Coins.ph, the largest cryptocurrency exchange in the Philippines, is facing potential regulatory action from the Bangko Sentral ng Pilipinas (BSP). CoinDesk reported that the investigation involves the exchange handling business transactions for restricted offshore gaming and gambling companies, which could lead to punitive measures.

The regulatory scrutiny comes amid a lack of updated price data for the exchange's primary instruments, though the probe raises significant compliance concerns in the world's fourth-largest remittance recipient. According to reports, the alleged infractions involve providing gambling entities with access to crypto and stablecoins for offshore payments, potentially threatening the license of the platform that serves millions of users.