NEWS | Since September 29, the Bangko Sentral ng Pilipinas has been blocking money from going into Coins.ph through two bank transfer systems, InstaPay and PESONet. The order came from the central bank’s Monetary Board, and the notice sent to banks did not give a reason. Cash ins and collecting money through QR codes are also paused. Sending money out still works. Coins.ph says buying and selling crypto, cashing out, paying bills, and paying at stores with QR codes are still available.
Coins.ph is the biggest crypto app in the country, with more than 18 million customers. The restriction hits DCPay Philippines, the company that runs its peso wallet. Coins.ph says the central bank told it to strengthen its internal controls. A report on October 13 citing two unnamed people claims gambling companies based abroad moved to Coins.ph after the BSP told e-wallets to cut gambling links in 2025, and that its license could now be at risk. In an official statement on October 14, Coins.ph said it is aware of the claims and is working with the BSP. It said it keeps strict controls to keep gambling operators off its platform, follows BSP and Anti-Money Laundering Council rules, is investing in stronger compliance, and still holds its BSP license. It also said customer money is safe and that services will be restored soon, without giving a date. Coins.ph told media it does not knowingly serve gambling operators. It has not said if gambling companies ever used the app. The BSP has made no public statement.
BMN sees a bigger risk than one company. The same report estimates Coins.ph handles about 75 to 80 percent of the trading between pesos and stablecoins, which are digital coins tied to the dollar. If Coins.ph stays weakened, BMN thinks there is no clear replacement ready for that many users.
None of this has been proven. No license has been taken away, and the gambling claim comes from unnamed sources. What is certain is that nobody has given a date for when deposits come back. Coins.ph says it is working to meet requirements within timelines the BSP set, but neither side has said what those timelines are. Three senior compliance staff have also reportedly left the company this year.
If the central bank can limit the biggest crypto app in the country without explaining why in public, shouldn’t it tell 18 million users what it found and when this ends?
