Coins.ph faces possible loss of its Philippine license over offshore gambling clients, two people say
Coins.ph, the Philippines' largest crypto exchange with over 18 million customers, faces a possible license loss, two people told CoinDesk. A revocation would remove the venue handling some 75% to 80% of the country's peso-to-stablecoin liquidity.
The Investor · Invest desk
Key figures for Coins.ph: it controls some 75% to 80% of peso-to-stablecoin liquidity in the Philippines, has over 18 million customers, and has a 24-hour spot trading volume of about $50 million.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Peso-to-stablecoin liquidity it controls, at least | 75% | up to 80%; stated as some 75%-80% | 17 |
| Customers, over | 18,000,000 customers | 16 | |
| 24-hour spot volume, about | 50,000,000 US dollars | 18 |
What happened
- At the start of the month the central bank reportedly restricted deposits to the exchange made through DCPay Philippines, Coins.ph's main wallet firm.
- One source said the restriction is not time-bound, unlike the temporary suspensions imposed for throughput or latency failures, and that no reason was given.
- Chief compliance officer Lexi Herrera, AML monitoring head Chris Beaño and money laundering reporting officer Irish Calagui have left, and the restrictions followed their departures.
- A little over a year ago the central bank told supervised institutions to cut in-app gambling access, and several gambling entities then migrated to Coins.ph, according to the people.
Why it matters
- exposure Every other venue combined holds 20% to 25% of peso-to-stablecoin liquidity, between a quarter and a third of what Coins.ph holds, so a revocation would push users onto much shallower books.
- decision Businesses that fund accounts through the DCPay wallet are planning without an end date, so whether to open a second funding route is a decision they face now.
- constraint A revocation would end the crypto and stablecoin route that, according to a third person, gambling firms used to pay offshore partners.
- precedent A second enforcement round on the same gambling flows would tell other venues that absorb displaced traffic that size does not protect them.
Everything here rests on two unnamed people. They told CoinDesk that Coins.ph faces punitive action from the central bank [11], and the revocation threshold is attributed to one of them [12]. That same person said a license loss would cause "an earthquake" in the Philippines' crypto ecosystem [13]. Neither Coins.ph nor the Bangko Sentral ng Pilipinas responded to requests for comment [3].
Size is where the story is easiest to overread. Coins.ph has over 18 million customers [16] and a 24-hour spot trading volume of about $50 million [18], which is at most $2.78 of spot trading per customer in a day [7]. One day is a snapshot, and we are inferring, but the figure points to most accounts being used for holding and moving money. That fits the company's history: it was one of the earliest crypto wallets in the Philippines and later pivoted to broader financial services [6].
The remittance angle needs the same discipline. The Commission on Filipinos Overseas counts more than 10.8 million Filipinos abroad [4], and they repatriate some $43 billion a year, though most use banks and money transfer services [5]. Coins.ph's liquidity share sits on the stablecoin leg of that flow, and CoinDesk does not say how much of the $43 billion takes that route.
We see three ways this goes. The DCPay restriction is lifted without penalty, and the license talk turns out to be an over-read by two sources. The restriction stays and nothing else follows, so funding through the wallet stays impaired with no end date. Or the license goes.
We think the restriction is the firmer fact, since it is an action already reported, while revocation is a threshold one source says the infractions cross. The counter-thesis is that a restriction on the wallet firm is a narrower instrument than a license revocation and may be the whole of the action. The revocation reading would be wrong if the central bank lifts the restriction without a penalty, or if Coins.ph shows the gambling flows were cleared.
On this record we'd expect Coins.ph to spend the coming weeks rebuilding its compliance function and answering the regulator, with little left over for adding to a customer count it already puts above 18 million.
What to watch
- Whether the central bank lifts the DCPay Philippines deposit restriction or sets an end date for it; lifting it without a penalty would undercut the revocation reading.
- Any statement from Coins.ph or the Bangko Sentral ng Pilipinas confirming or denying action, since neither had responded to CoinDesk.
- Whether Coins.ph names replacements for its chief compliance officer, AML monitoring head and money laundering reporting officer.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence40
- Adoption
- Insufficient
- Hype gap+25
- Incentives
- Insufficient
- Confidence55
Perspective Coverage
3 publishers- Builder
- Builder 12%
- Operator
- Operator 43%
- Investor
- Investor 45%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
At the start of the month, Bangko Sentral ng Pilipinas reportedly imposed restrictions on deposits to the exchange made through Coins.ph's main wallet firm, DCPay Philippines.
- [2]
The restrictions follow the departure of several high-profile compliance staffers, including chief compliance officer Lexi Herrera, head of AML transaction monitoring Chris Beaño and money laundering reporting officer Irish Calagui.
- [3]
Neither Coins.ph nor the Philippines central bank responded to requests for comment by publication time.
- [4]
More than 10.8 million Filipinos live outside the country, according to the Commission on Filipinos Overseas.
- [5]
Most overseas Filipinos use banks and money transfer services to repatriate their earnings, some $43 billion a year.
- [6]
Coins.ph was one of the earliest crypto wallets and exchanges in the Philippines and later pivoted to providing broader financial services.
- [7]
About $50 million of 24-hour spot volume across more than 18 million customers is at most about $2.78 per customer.
- [8]
If Coins.ph holds 75%-80% of peso-to-stablecoin liquidity, all other venues combined hold 20%-25%.
- [9]
The 20%-25% held by other venues is between one quarter and one third of the liquidity Coins.ph holds.
- [10]
The restriction was not time-bound, unlike the temporary suspensions typically imposed on market participants for failing to comply with throughput or latency requirements, and no reason was given, one of the people said.
- [11]
Coins.ph, the largest cryptocurrency exchange in the Philippines, is facing punitive action from financial regulators at the country's central bank, two people with knowledge of the situation said.
- [12]
The infractions, said to involve serving offshore gambling firms, are serious enough for the 12-year-old company to be stripped of its license to operate, according to one of the people.
- [13]
A license loss would cause "an earthquake" in the Philippines' crypto ecosystem, according to one of the people.
- [14]
A little over a year ago the central bank demanded supervised institutions cut in-app access to gambling sites on e-wallet applications, and as a result several gambling entities migrated to Coins.ph, according to the people.
- [15]
The move gave the gambling firms access to crypto and stablecoins for paying offshore partners, according to a third person familiar with central bank regulatory processes.
- [16]
Coins.ph has over 18 million customers.
- [17]
Coins.ph controls some 75%-80% of peso-to-stablecoin liquidity in the Philippines.
- [18]
Coins.ph has a 24-hour spot trading volume of about $50 million.
Get this ledger inside ChatGPT. Ask about any of our stories and the answer brings its figure, each claim’s verdict and the sources. Free, no account.
Sources
3 independent publishers whose own reporting we read for this story.
- coindesk.comLargest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action
1 article · October 13, 2026
- crypto.newsCoins.ph faces Philippine regulatory scrutiny over alleged gambling payments
1 article · October 13, 2026
- cryptobriefing.comCoins.ph faces potential license loss over alleged offshore gambling links
1 article · October 13, 2026
Topics and entities
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Topics
Entities
- Coins.phFollow
- DCPay PhilippinesFollow
- Betur Inc.Follow
- Bangko Sentral ng PilipinasFollow