Coins.ph Deposit Restrictions Raise License and Compliance Risks
Coins.ph, the Philippines’ largest cryptocurrency exchange, faces regulatory scrutiny over alleged services to offshore gambling platforms. The Bangko Sentral ng Pilipinas (BSP) has restricted deposits through the company operating Coins.ph’s main wallet, raising concerns about the exchange’s licence. A person familiar with the matter said the alleged violations could put its operating licence at risk, but no revocation has been reported and the allegations remain unconfirmed.
The action comes as the Philippines enforces a ban on offshore gaming operators, known as POGOs. Coins.ph suspended gaming-related advertising in August 2025. Several compliance staff have also left, including Chief Compliance Officer Lexi Herrera and anti-money-laundering specialists Chris Beaño and Irish Calagui.
Coins.ph is a major peso-to-crypto on-ramp, so continued deposit restrictions could disrupt local access and trading liquidity. Traders will be watching for further BSP measures, a response from Coins.ph and updates on its compliance team.
Neutral
The reported restrictions and licence risk are negative for Coins.ph’s operations, but neither summary reports that its licence has been revoked or identifies a specific cryptocurrency whose price is directly affected. In the short term, users may become cautious, move funds to other services or reduce trading through Coins.ph, potentially weakening local access and liquidity. Further BSP action could increase that pressure. Longer term, a confirmed licence suspension or revocation could disrupt the peso-to-crypto on-ramp and weigh on activity associated with the platform. However, absent a named token and evidence of a direct price effect on a cryptocurrency, the expected impact on crypto prices overall is neutral; traders should monitor regulatory announcements and any confirmed changes to deposits or service availability.