Coins.ph Says Licences Remain Active as BSP Limits Cash-Ins
Coins.ph says its Bangko Sentral ng Pilipinas (BSP) licences remain active after the central bank restricted incoming InstaPay and PESONet transfers to DCPay Philippines, the exchange’s electronic money issuer. The suspension blocks peso cash-ins through those bank-transfer channels, though Coins.ph says crypto trading, cash-outs, bill payments and merchant QR Ph payments remain available. The reported measures apply to DCPay, not Betur Inc., Coins.ph’s separately licensed virtual asset service provider (VASP).
Coins.ph denies serving offshore gambling operators, but an earlier statement did not directly confirm or deny whether related transactions passed through its platform. The company describes its BSP engagement as routine oversight, says it is enhancing controls at the regulator’s request and says customer funds are safe. The BSP declined to comment on specific supervisory matters. An earlier report cited around $52 million in 24-hour spot trading volume. The cash-in limits create uncertainty for Philippine users and restrict fiat on-ramps, but Coins.ph says its licences and crypto services remain active.
Neutral
The developments concern Coins.ph’s payment and fiat on-ramp operations, rather than a specific cryptocurrency or token. Restrictions on peso cash-ins could reduce access and activity for Philippine users, potentially weighing on the platform’s short-term trading volumes and sentiment. However, Coins.ph says its crypto trading services and licences remain active, while the order is described as applying to its e-money issuer, not its separately licensed VASP. There is no clear direct price catalyst for a cryptocurrency, so the expected impact on crypto prices is neutral. Longer-term sentiment could be affected if the restrictions expand or persist, but further regulatory clarification would be needed to assess that risk.