Philippines’ Largest Crypto Exchange Coins.ph Faces Possible License Revocation Over Suspected Regulatory Violations

The Bangko Sentral ng Pilipinas is reviewing sanctions over Coins.ph transactions tied to offshore gambling operators, and the exchange’s operating license could be revoked depending on the severity of the violations.
Coins.ph has more than 18 million customers and logged about $50 million in spot trading volume over the past 24 hours, accounting for roughly 75% to 80% of liquidity in trading between the Philippine peso and stablecoins.
As uncertainty grows after the Bangko Sentral ng Pilipinas imposed restrictions on Coins.ph deposits through DCPay Philippines, regulatory action against Coins.ph could have a significant impact on the local cryptocurrency market and the remittance environment.

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Coins.ph, the Philippines’ largest cryptocurrency exchange, may face sanctions from financial authorities over transactions linked to offshore gambling operators.

CoinDesk reported on October 13 that the Bangko Sentral ng Pilipinas, the country’s central bank, is considering sanctions over Coins.ph transactions tied to overseas gambling firms. Two people familiar with the matter said the exchange’s operating license could also be revoked, depending on the severity of the violations.

Philippines’ Largest Crypto Exchange Coins.ph Faces Possible License Revocation Over Suspected Regulatory Violations

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