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Licensing

Coins.ph and the Philippine central bank's transfer freeze

Where it stands now. As of mid-October, inbound transfers to Coins.ph's peso wallet were still frozen; a CoinDesk report says its licence is at risk, and Coins.ph says all its BSP licences remain active.

The record 2 developments

  1. Report says Coins.ph licence at risk; company denies gambling ties

    What happened. On 14 October, BitPinas and Fintech News Philippines relayed a CoinDesk report, citing people familiar with the matter, that the Philippine central bank (BSP) froze inbound transfers to Coins.ph over transactions with restricted offshore gambling operators and is considering actions up to revoking its licence. Coins.ph said it “firmly denies any claim that it knowingly serves offshore gaming or gambling operators,” and on 16 October told BitPinas that all its BSP licences remain active. The freeze, ordered under Monetary Board Resolution No. 839 in a PPMI advisory on 29 September, stops cash-ins via InstaPay and PESONet to its peso-wallet arm DCPay Philippines; Coins.ph said crypto trading, cash-outs, bills and QR Ph payments continue.

    Why it matters. Coins.ph states it has over 18 million registered accounts and an estimated 75% to 80% of the country's peso-to-stablecoin liquidity, according to BitPinas citing CoinDesk. CoinDesk reported that any escalation that puts its licences at risk carries significant systemic implications.

    • Asked by BitPinas, the BSP declined to comment on specific supervisory matters, saying it would provide information "as and when appropriate".
    • CoinDesk reported that offshore gaming firms moved payment flows to Coins.ph after the BSP made e-wallets cut in-app links to online gambling more than a year ago.
    • Coins.ph says it handles about $50 million in spot trades every 24 hours.
    • BitPinas noted that the BSP directive does not say whether the suspension is temporary.
    Read the originals (7), usually in their own language

  2. Philippine central bank blocks inbound peso transfers to Coins.ph operator

    What happened. The Bangko Sentral ng Pilipinas (BSP) partially suspended DCPay Philippines Inc., the e-wallet operator behind Coins.ph, blocking incoming transfers via InstaPay and PESONet; BitPinas and Fintech News Philippines reported it on 30 September. Payment operator PPMI told banks through Advisory No. 2026-0929-029, citing BSP Monetary Board Resolution No. 839. Outbound transfers and QRPh merchant payments stay allowed, and on 2 October Coins.ph told users the pause follows a BSP directive to enhance internal controls.

    Why it matters. Coins.ph users cannot cash in pesos from banks or e-wallets, so crypto purchases must come from existing balances until the channels reopen, according to BitPinas. Crypto trading runs under a separate licensed entity, Betur Inc., and continues normally, Coins.ph said.

    • Coins.ph runs through two BSP-licensed companies: DCPay Philippines holds the e-money licence for the peso wallet and is the one suspended; Betur Inc. holds the crypto licence.
    • Transfers into Coins.ph from banks such as BDO, BPI and UnionBank, and from e-wallets such as GCash and Maya, are rejected.
    • Coins.ph said customer balances are safe and that it is working with the BSP to finish the required control improvements on the set timeline.
    Read the originals (4), usually in their own language