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Coins.ph is Southeast Asia's leading mainstream super app, boasting over 16 million users. It offers licensed fiat and crypto wallet and exchange services, including cryptocurrencies, e-wallet, and payments. The company is regulated by the Bangko Sentral ng Pilipinas (BSP) and holds both Virtual Currency and Electronic Money Issuer licenses from a central bank.
Coins.ph: Says Philippine Central Bank license remains valid, denies knowingly serving offshore gambling operators
Odaily reports: Coins.ph stated that its Bangko Sentral ng Pilipinas (BSP) license remains valid, and denied knowingly serving offshore gaming or gambling operators. The company said user funds are safe and the platform will continue to operate as a BSP-licensed institution. The company did not directly state whether the relevant entities had used its platform.The BSP previously required Coins.ph to strengthen internal controls and restrict InstaPay and PESONet transfers involving its operating entity DCPay Philippines. Coins.ph said that cash-in and QRPh collections are temporarily unavailable, but cryptocurrency trading, withdrawals, bill payments, and merchant QRPh payments remain accessible.DCPay holds an Electronic Money Issuer license, while Betur Inc. operates Coins.ph's crypto asset services under a separate Virtual Asset Service Provider license. The restrictions are said to target DCPay's payment business, rather than Betur's crypto asset services. (Cointelegraph)
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.
Coins.ph Faces Philippine Central Bank Regulatory Action, License May Be Revoked Over Serving Offshore Gambling Platforms
Odaily reports: The Philippines' largest cryptocurrency exchange, Coins.ph, is facing regulatory action from the Bangko Sentral ng Pilipinas (BSP). A person familiar with the matter said the exchange is involved in providing services to offshore gambling platforms, and the severity of the related violations could lead to the revocation of its operating license.Earlier this month, the Bangko Sentral ng Pilipinas imposed restrictions on deposits made through the main wallet operating company of Coins.ph, with specific measures disclosed by people familiar with the process.Coins.ph has seen multiple compliance department employees depart this year, including Chief Compliance Officer Lexi Herrera, as well as anti-money laundering specialists Chris Beaño and Irish Calagui. (CoinDesk)
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Coins.ph: Says Philippine Central Bank license remains valid, denies knowingly serving offshore gambling operators
Odaily reports: Coins.ph stated that its Bangko Sentral ng Pilipinas (BSP) license remains valid, and denied knowingly serving offshore gaming or gambling operators. The company said user funds are safe and the platform will continue to operate as a BSP-licensed institution. The company did not directly state whether the relevant entities had used its platform.The BSP previously required Coins.ph to strengthen internal controls and restrict InstaPay and PESONet transfers involving its operating entity DCPay Philippines. Coins.ph said that cash-in and QRPh collections are temporarily unavailable, but cryptocurrency trading, withdrawals, bill payments, and merchant QRPh payments remain accessible.DCPay holds an Electronic Money Issuer license, while Betur Inc. operates Coins.ph's crypto asset services under a separate Virtual Asset Service Provider license. The restrictions are said to target DCPay's payment business, rather than Betur's crypto asset services. (Cointelegraph)
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.
Coins.ph Faces Philippine Central Bank Regulatory Action, License May Be Revoked Over Serving Offshore Gambling Platforms
Odaily reports: The Philippines' largest cryptocurrency exchange, Coins.ph, is facing regulatory action from the Bangko Sentral ng Pilipinas (BSP). A person familiar with the matter said the exchange is involved in providing services to offshore gambling platforms, and the severity of the related violations could lead to the revocation of its operating license.Earlier this month, the Bangko Sentral ng Pilipinas imposed restrictions on deposits made through the main wallet operating company of Coins.ph, with specific measures disclosed by people familiar with the process.Coins.ph has seen multiple compliance department employees depart this year, including Chief Compliance Officer Lexi Herrera, as well as anti-money laundering specialists Chris Beaño and Irish Calagui. (CoinDesk)