Philippines' Biggest Crypto Exchange Faces Central Bank Scrutiny Over Alleged Gambling Payments

Published October 14, 2026, 14:07 UTC. Based on CoinDesk's October 13, 2026 reporting citing people familiar with the situation, secondary reporting from crypto.news dated October 14, 2026, Coins.ph's public statement and service status page, and the Bangko Sentral ng Pilipinas' published memorandum M-2025-029.

Coins.ph, one of the Philippines' largest cryptocurrency exchanges with more than 18 million registered users, has reportedly come under increased scrutiny from the Bangko Sentral ng Pilipinas (BSP) over alleged transactions involving offshore gambling businesses, raising concerns that the exchange could face serious consequences for its license. CoinDesk reported on October 13, 2026, citing people familiar with the situation, that the central bank is examining whether the exchange handled payments connected to offshore gaming operators that face restrictions in the Philippines. One source told CoinDesk that the suspected compliance failures could be serious enough for the company to lose its license to operate, although no revocation order has been published, according to crypto.news.

What the allegations actually claim

The October 13 allegations concern whether Coins.ph processed transactions involving offshore gambling businesses that face restrictions in the Philippines, according to the CoinDesk reporting. The exchange has not publicly confirmed the allegations, and no official BSP finding establishing gambling-related misconduct has been identified, crypto.news reported. The company has acknowledged, however, that the central bank ordered improvements to its internal controls and restricted certain payment services, without naming gambling-related transactions as the reason for the action. Blockchain reporter Wu Blockchain amplified the scrutiny story on October 14, citing the exchange's more than 18 million registered users, according to crypto.news.

The peso deposits already blocked

The payment restrictions began affecting Coins.ph customers in late September, crypto.news reported, limiting their ability to add Philippine pesos through certain banking channels. The central bank restricted incoming transactions through DCPay Philippines, the electronic money issuer responsible for Coins.ph's peso wallet services, affecting transfers through InstaPay and PESONet, two major networks used to move pesos between financial institutions. Coins.ph confirmed that incoming peso transfers through InstaPay and PESONet, along with QRPH collection services, would remain temporarily unavailable while it works to meet the regulator's requirements. Its official service status page continued to show the cash-in services under maintenance, with incoming InstaPay transfers carrying an unresolved maintenance notice since September 29, while cryptocurrency spot trading and outgoing bank transfers were listed as operational. The exchange operates its electronic money and cryptocurrency businesses through separate regulated entities: DCPay Philippines handles the peso payments, while Betur Inc. operates the virtual asset business under the Coins.ph brand, so the restrictions do not by themselves establish that Betur has lost its authorization to operate as a crypto exchange, crypto.news reported.

Three compliance leaders are out

Reports concerning the company's compliance operations have identified the departures of several senior employees, according to CoinDesk's reporting: compliance chief Lexi Herrera, anti-money laundering transaction monitoring head Chris Beaño and money laundering reporting officer Irish Calagui. The circumstances surrounding their reported departures have not been independently established, and neither the company nor the regulator has publicly linked the personnel changes to confirmed regulatory violations, crypto.news reported. The exits add pressure at the exact moment the exchange says it is working with the central bank to complete the required internal-control improvements within the deadlines the regulator has set.

The 2025 crackdown that set the tone

The allegations land against a stricter regulatory backdrop for online gambling payments in the Philippines. In August 2025, the BSP directed supervised financial institutions to remove features that let customers reach gambling platforms directly through their payment applications. BSP Memorandum M-2025-029, dated August 14, ordered the institutions to remove gambling access links within 48 hours, following a Monetary Board decision to suspend such features while officials developed standards for payment services connected to online gambling. Coins.ph's own terms prohibit customers from using its services for illegal gambling and certain unauthorized gaming activities. The existence of those prohibitions does not establish whether the exchange processed the transactions described in the allegations, crypto.news noted.

An exchange that has changed hands twice

Coins.ph has operated in the Philippine cryptocurrency market since 2014. Indonesian technology company Gojek acquired the business in 2019 for a reported $95 million, according to crypto.news. It was sold again in 2022 to an investor group involving Joffre Capital and former Binance chief financial officer Wei Zhou. Under its current structure, the platform offers cryptocurrency trading, digital wallets, domestic payments and remittance services. Coins.ph has said customer funds remain safe under BSP requirements and has given no public date for restoring the affected cash-in services.

This article is news reporting and is not investment advice.

Sources

• Coins.ph, company statement and service status page, primary source for the confirmation that the BSP ordered improvements to internal controls, that incoming InstaPay and PESONet transfers and QRPH collection services are temporarily unavailable, that cryptocurrency trading, outgoing transfers, bill payments and QRPH payments continue, and that customer funds remain safe under BSP requirements
• Bangko Sentral ng Pilipinas, Memorandum M-2025-029 dated August 14, 2025, primary source for the August 2025 order to remove gambling access links within 48 hours and the Monetary Board's suspension of gambling-access features pending new standards
• CoinDesk, October 13, 2026, secondary source for the scrutiny allegations, the license-risk claim from a person familiar with the situation, and the reported departures of the compliance chief, AML transaction monitoring head and money laundering reporting officer
• crypto.news, October 14, 2026, secondary source for the more than 18 million registered users figure, the DCPay Philippines and Betur Inc. two-entity structure, the Wu Blockchain post, the late-September restriction timeline, the September 29 InstaPay maintenance notice, the Gojek $95 million acquisition and the 2022 sale involving Wei Zhou