Filipino crypto exchange Coins.ph has assured users that their funds are safe and that it remains licensed by the Bangko Sentral ng Pilipinas (BSP), following reports of possible regulatory action over alleged transactions involving offshore gambling operators.
The exchange issued the statement on October 14 as restrictions continued to affect its peso cash-in services.
In a post on X, the company acknowledged reports about its operations and its engagement with the central bank. It denied knowingly serving offshore gaming or gambling operators and said it remains committed to following regulatory rules.
Coins.ph said it expects to restore the affected services soon and will provide updates through its official channels.
“Our users’ funds are safe; we continue to operate as a BSP licensed institution,” the company said in its statement.
Coins.ph says it is following BSP rules
The assurance comes as some customers face limits on how they can add Philippine pesos to their accounts.
Coins.ph said the central bank had instructed it to strengthen its internal controls. The controls are intended to strengthen customer and transaction monitoring and support regulatory compliance.
Coins.ph said it does not accept or permit offshore gambling operators on its platform. It added that it checks customers and transactions to meet the rules set by the BSP and the Anti-Money Laundering Council (AMLC).
The restrictions affect DCPay Philippines Inc., the entity responsible for Coins.ph’s peso e-wallet operations, according to the company. In an earlier user advisory, Coins.ph explained that some payment options were temporarily unavailable.
These include cash-in services, which allow users to add pesos to their accounts, and QRPh collections. However, cryptocurrency trading, cash-outs, bill payments and merchant QRPh payments remained available. QRPh is the Philippines’ national standard for payments made through QR codes.
Restrictions target Coins.ph payment operations
According to BitPinas, the restrictions were imposed under BSP Monetary Board Resolution No. 839. DCPay holds an electronic money issuer license, while Betur Inc. operates the exchange’s crypto services under a separate virtual asset service provider (VASP) license. The reported restrictions target DCPay’s payment operations rather than Betur’s crypto services.
The situation comes as the BSP considers tighter rules for payment companies. A draft circular proposes a 12-month pause on accepting and processing new applications from Operator of Payment System (OPS) providers. It would also require crypto firms to connect through direct merchant arrangements, with extra checks, transaction monitoring and limits.
The proposal is intended to give the central bank time to review how payment operators are classified and licensed. However, the draft does not include an approval date or Monetary Board resolution number in the supplied document, so it should not be treated as a finalized rule.
The BSP had also extended its pause on new VASP licenses under Memorandum No. M-2025-031, subject to reassessment.
Despite the payment restrictions, Coins.ph continues to record trading activity. The exchange handled approximately $52 million in 24-hour spot trading volume on Wednesday, according to CoinGecko. The Crypto Times has reached out for comment on the developments.
Also Read: US Authorities Shut 241 Websites in Major Crypto Fraud Crackdown
