As of October 14, 2026, reports indicate that the Bangko Sentral ng Pilipinas (BSP) is examining alleged links between cryptocurrency exchange Coins.ph and restricted offshore gambling operators. The scrutiny centers on claims that the platform facilitated crypto flows for these entities, potentially jeopardizing its license. No final ruling has been published by the central bank, leaving the situation as a developing regulatory investigation rather than a confirmed sanction.
The BSP previously acted in late September against DCPay Philippines, an e-wallet operator associated with Coins.ph, imposing limits on incoming peso transfers. This action aligns with memorandum M-2025-029, which directed supervised institutions to remove in-app gambling links within 48 hours. While the specific offshore operators involved have not been named, the case highlights the intersection of payment rail regulations and crypto compliance.
Coins.ph, which serves over 18 million registered users, was acquired by Gojek for $95 million in 2019 and later sold to an investor group including Joffre Capital and former Binance CFO Wei Zhou in 2022. Reports also suggest that several senior crypto compliance executives have left the company. Stakeholders are awaiting official statements from both the BSP and Coins.ph regarding the potential sanctions.
This development underscores the expanding reach of Philippine financial regulators into the cryptocurrency sector, specifically targeting the convergence of digital assets and illicit gambling networks. By investigating Coins.ph alongside its linked e-wallet DCPay, the BSP demonstrates a holistic approach to compliance, treating payment infrastructure and crypto exchanges as interconnected nodes subject to strict anti-gambling directives. The lack of a final ruling suggests the regulator is gathering evidence, possibly setting a precedent for how 'facilitation' of offshore gambling via crypto is defined under local law.
From a Market Structure perspective, the uncertainty surrounding Coins.ph’s license creates operational risk for one of the country's largest platforms. If the allegations result in sanctions or revocation, it could trigger broader scrutiny of other Virtual Asset Service Providers (VASPs) operating in the Philippines, particularly those with ties to high-risk industries. Conversely, a settlement might clarify the boundaries of permissible activity, offering a roadmap for compliance. Investors and users should monitor official BSP communications, as unilateral reports do not constitute verified regulatory outcomes.
