Coins.ph, the largest crypto exchange in the Philippines with more than 18 million customers, is reportedly facing action from the country's central bank. The report says the exchange handled business transactions involving restricted offshore gaming and gambling companies.
On the same news cycle, Sberbank, Russia's largest bank, got approval to trade crypto. It plans to open trading to all clients on Dec. 1 and is already testing bitcoin, ether and a dollar stablecoin inside its app.
Put the two together and the pattern looks simple. Regulators are comfortable with crypto when a licensed bank sells it to its own customers. They lose patience fast when an exchange's business accounts start moving money for sectors the state has already restricted. Having 18 million users doesn't protect you from that.
$ETH $BTC $GNS
On the same news cycle, Sberbank, Russia's largest bank, got approval to trade crypto. It plans to open trading to all clients on Dec. 1 and is already testing bitcoin, ether and a dollar stablecoin inside its app.
Put the two together and the pattern looks simple. Regulators are comfortable with crypto when a licensed bank sells it to its own customers. They lose patience fast when an exchange's business accounts start moving money for sectors the state has already restricted. Having 18 million users doesn't protect you from that.
$ETH $BTC $GNS