Coins.ph, the largest cryptocurrency exchange in the Philippines, is currently under investigation by the Bangko Sentral ng Pilipinas (BSP). The regulator is examining allegations that the platform provided services to offshore gambling operators, which could lead to the revocation of the company's license.
In October 2026, the central bank imposed deposit restrictions on the exchange, impacting transaction capabilities through its primary wallet operator. These measures follow a broader government crackdown on offshore gaming, initiated by Executive Order No. 74 in 2024 and reinforced by Republic Act 12312, which permanently banned such activities.
The regulatory pressure coincides with significant turnover in the company's compliance department. Throughout 2026, the firm saw the departure of Chief Compliance Officer Lexi Herrera, as well as anti-money laundering specialists Chris Beaño and Irish Calagui.
As the leading local platform for peso-to-crypto conversions, Coins.ph faces potential liquidity issues due to the ongoing deposit limitations. Market observers are now monitoring whether the BSP will escalate enforcement actions and how the exchange will address its leadership vacancies.
