Coins.ph Maintains BSP License Amid Allegations of Offshore Gambling Transactions
- Coins.ph, a major crypto exchange in the Philippines, reported a trading volume of approximately $52 million in the last 24 hours.
- The Bangko Sentral ng Pilipinas (BSP) has imposed restrictions on Coins.ph’s payment services due to concerns over transactions with restricted offshore gambling operators.
- In response, Coins.ph stated it does not knowingly serve such operators and emphasized that user funds are secure.
- Cash-in services and QRPh collections have been temporarily suspended as part of the BSP’s directive for enhanced internal controls.
- The BSP has previously mandated financial institutions to eliminate links to gambling websites from their payment applications.
Coins.ph remains operational under its current license despite ongoing scrutiny from the BSP regarding its payment operations linked to DCPay Philippines. The central bank’s actions highlight regulatory concerns surrounding cryptocurrency exchanges and their compliance with local laws.
As of now, Coins.ph continues to operate while addressing the BSP’s restrictions, which specifically target its payment services rather than its crypto trading activities.(Source)
