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Coins.ph Faces Regulatory Action from Philippine Central Bank
The largest cryptocurrency exchange in the Philippines, Coins.ph, is facing punitive action from the Bangko Sentral ng Pilipinas (BSP), the country's central bank. The exchange, which has over 18 million customers, is said to have handled business transactions involving restricted offshore gambling companies. The infractions are serious enough for the 12-year-old company to be stripped of its license to operate, causing concern in the Philippine crypto ecosystem. The central bank imposed restrictions on deposits to Coins.ph's main wallet firm, DCPay Philippines, in early this month, following the departure of several high-profile compliance staffers.