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【Philippines’ largest crypto exchange Coins.ph reportedly faces central bank regulatory action】
According to two people familiar with the matter, the Philippines’ largest cryptocurrency exchange Coins.ph is facing action by the Bangko Sentral ng Pilipinas (BSP) over alleged violations. The alleged violations reportedly involve providing services to offshore betting companies, serious enough to result in the revocation of the operating license of the company, which was established 12 years ago. One of the people said this would trigger an “earthquake” in the Philippine crypto ecosystem. Coins.ph has more than 18000000 customers, with approximately 24 in spot trading volume over hours, and controls about 50000000 USD of the peso and stablecoin liquidity in the Philippines. Earlier this month, 75% -80%reportedly imposed restrictions on deposits made through Coins.ph’s primary wallet company, DCPay Philippines. Several senior compliance executives at the exchange had previously departed, including Chief Compliance Officer Lexi Herrera, head of anti-money-laundering transaction monitoring Chris Beaño, and money laundering reporting officer Irish Calagui.BSP years ago, the Bangko Sentral ng Pilipinas restricted the use of e-wallet applications for gambling, requiring regulated entities to cut off in-app access to gambling websites, after which multiple betting entities migrated to Coins.ph. The restriction was not time-limited, and no reason was provided. Coins.ph is one of the Philippines’ earliest crypto wallets and exchanges. In 1 Indonesian technology company Gojek acquired it for 2019 and later sold it to former Binance Chief Financial Officer Wei Zhou. Neither Coins.ph nor the Bangko Sentral ng Pilipinas responded to requests for comment. 95000000 USD