Philippines Restricts Coins.ph Banking Access Over Alleged Offshore Gambling Links

The Philippines' central bank has restricted banking access for Coins.ph, one of the country's largest cryptocurrency exchanges, amid allegations that its payment infrastructure processed transactions connected to prohibited offshore gambling operations. The Bangko Sentral ng Pilipinas (BSP) suspended incoming transfers to DCPay Philippines, the electronic money issuer operating Coins.ph's peso wallet services, on September 29. The restriction prevents customers from funding their accounts through InstaPay and PESONet, two major domestic payment networks. Coins.ph has confirmed the suspension of peso cash-ins, stating that the BSP required improvements to its internal controls.