On the Philippines’ largest exchange, regulators moved first on the “deposit tap”—not in a press release.
CoinDesk reported on October 13, citing people familiar with the matter, that Coins.ph is facing BSP enforcement proceedings over alleged business dealings with restricted offshore gaming-related merchants. Some believe the alleged conduct could be serious enough to cost the company its operating license. The platform has around 18 million users and reportedly accounts for about 75%–80% of the country’s peso-to-stablecoin (such as $USDT) liquidity. Neither Coins.ph nor the BSP had responded by publication time.
An earlier, verifiable development: earlier this month, the BSP had already passed Monetary Board Resolution No. 839, restricting its wallet operator, DCPay, from receiving deposits via InstaPay/PESONet (Tech Pilipinas). Crypto trading operates under a Betur license, but with peso deposits blocked, spot trading deposits have effectively been cut off in part.
First, the confirmed facts: deposit restrictions are confirmed, while the license revocation remains a claim attributed to sources. This is not investment advice.