Coins.ph, the Philippines' largest crypto exchange and a licensed virtual asset service provider (VASP), faces potential license revocation amid central bank scrutiny over alleged ties to offshore gambling platforms. The Bangko Sentral ng Pilipinas (BSP) began enforcing deposit restrictions on Coins.ph in October 2026, impacting transaction capabilities through its primary wallet operator. This regulatory pressure coincides with significant compliance staff departures, including Chief Compliance Officer Lexi Herrera and anti-money laundering specialists Chris Beaño and Irish Calagui, who left during 2026.
The scrutiny stems from the Philippine government's broader crackdown on offshore gaming operators, initiated by Executive Order No. 74 in 2024 which permanently banned POGOs, and further solidified by Republic Act 12312. As regulators follow payment rails associated with prohibited activities, Coins.ph’s role as the leading local platform for peso-to-crypto ramps places it under close examination. Current deposit restrictions affect user liquidity, while potential full license loss could impact market confidence in other local platforms.
The situation highlights the operational risks faced by regulated entities when adjacent industries are abruptly prohibited. Coins.ph’s exposure illustrates how regulatory enforcement against one sector, such as offshore gambling, can ripple into financial infrastructure providers like crypto exchanges if they are perceived as facilitating those transactions. The simultaneous departure of key compliance personnel exacerbates the risk, suggesting internal instability or strategic realignment in response to external pressure.
From a Regulatory perspective, this case underscores the importance of robust compliance frameworks in jurisdictions undergoing rapid legislative changes. The BSP’s move to restrict deposits rather than immediately revoke licenses indicates a phased approach to enforcement, allowing room for remediation. However, the loss of specialized AML staff raises questions about the company’s capacity to navigate ongoing investigations effectively. Market participants should monitor whether Coins.ph can restore compliance leadership and demonstrate adherence to new prohibitions without further escalating sanctions.
