Coins.ph Faces Regulatory Action from Philippine Central Bank
- Coins.ph, a leading crypto wallet and exchange in the Philippines, is reportedly facing regulatory restrictions from the central bank.
- The action follows the departure of key compliance personnel, including chief compliance officer Lexi Herrera.
- In January, Indonesian company Gojek acquired Coins.ph for $95 million, later selling it to Wei Zhou, former CFO of Binance.
- A year prior, the central bank restricted e-wallets from accessing gambling sites, prompting some gambling firms to transition to Coins.ph.
- The recent restrictions on Coins.ph are indefinite and differ from typical temporary suspensions imposed for compliance failures.
The Philippine central bank’s action against Coins.ph highlights ongoing scrutiny in the cryptocurrency sector following significant staff changes within the company’s compliance team. This situation underscores regulatory challenges faced by crypto platforms operating in evolving legal landscapes.
As Coins.ph navigates these indefinite restrictions amid high-profile departures, its future operations may be significantly impacted by regulatory compliance demands.(Source)
