Coins.ph Faces Philippine Central Bank Action Over Gambling Links
The exchange faces possible license loss over alleged service to offshore gambling firms after deposit restrictions were imposed earlier this month.
Key takeaways
- Two people said Coins.ph faces punitive action from the Philippines’ central bank over alleged service to offshore gambling firms.
- People familiar with the process said deposit restrictions were imposed through Coins.ph’s main wallet firm earlier this month.
Coins.ph is facing punitive action from the Philippines’ central bank over infractions said to involve serving offshore gambling firms, according to two people familiar with the situation. One said the issues could lead to the exchange losing its operating license.
Earlier this month, the Bangko Sentral ng Pilipinas imposed restrictions on deposits through Coins.ph’s main wallet firm, DCPay Philippines, according to people familiar with the process. One person said the restrictions were not time-bound and no reason was given.
Neither Coins.ph nor the central bank responded to requests for comment by publication time.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
