Philippines' largest cryptocurrency exchange Coins.ph may face central bank regulatory penalties, with the risk of license revocation.

According to CoinDesk, two sources familiar with the matter revealed that the Philippines' largest cryptocurrency exchange, Coins.ph, is facing punitive regulatory action from the country's central bank (BSP). The related violations involve facilitating business transactions for restricted offshore gambling companies, which could result in the revocation of the exchange's operating license depending on the severity.