The Philippines’ leading crypto exchange is under intense scrutiny from the central bank, which may strip the firm of its licence after allegations it serviced offshore gambling platforms. The move follows a series of compliance-related departures and a recent ban on wallet deposits.
Background on the platform
Coins.ph, now twelve years old, started as a wallet service before expanding into a full-fledged exchange. It serves more than 18 million users and processes roughly $50 million in daily spot-trading volume. The platform dominates the conversion of Philippine pesos into stablecoins, handling an estimated three-quarters to four-fifths of that market.
Regulatory concerns
Bangko Sentral ng Pilipinas (BSP) imposed a restriction on deposits made through Coins.ph’s primary wallet provider, DCPay Philippines, earlier this month. The action is tied to accusations that the exchange enabled offshore gambling operators to move funds, a breach of the central bank’s rules that were tightened after it barred e-wallets from gambling access a year ago. Unlike typical temporary suspensions, the current restriction has no set end date.
Staff departures signal internal strain
Within the past year, several senior compliance figures have left the company, including chief compliance officer Lexi Herrera and two anti-money-laundering leads, Chris Beaño and Irish Calagui. Their exits have been noted by sources familiar with the situation and are seen as a red flag for regulatory oversight.
Potential market fallout
If the BSP proceeds with revoking Coins.ph’s licence, the impact could be described as seismic for the local crypto ecosystem. The exchange supplies the bulk of peso-stablecoin liquidity, a critical conduit for the Philippines, the world’s fourth-largest remittance recipient. Disruption could affect the flow of billions of dollars that overseas Filipino workers send home each year.
Ownership history
The platform was acquired by Indonesian tech firm Gojek in January 2019 for $95 million. It later changed hands to Wei Zhou, formerly the chief financial officer of Binance, indicating a shift in strategic direction and capital backing.
Why it matters
The outcome of this regulatory probe will shape the future of digital-asset services in a nation heavily reliant on remittances. A licence withdrawal could force users to migrate to smaller, less liquid venues, potentially slowing crypto adoption and raising compliance costs for the broader market. Moreover, the case underscores the tightening stance of Southeast Asian regulators on the intersection of gambling and crypto finance.
