Philippines-based Coins.ph denied knowingly serving offshore gaming or gambling operators, while saying it expects to restore affected services soon.

The statement followed reports linking the exchange to offshore gaming-related fund flows and possible regulatory action by the Bangko Sentral ng Pilipinas, the Philippines’ central bank.

Coins.ph said users’ funds are safe and that it continues to operate as a BSP-licensed institution.

The company said it works closely with regulators and expects to restore affected services soon.

Company materials say Coins.ph was granted an advanced electronic payment and financial services license and is a BSP-licensed virtual asset service provider.

Under the Philippines’ anti-money laundering law, covered institutions must conduct customer due diligence, keep records, and report suspicious transactions to the Anti-Money Laundering Council.

A June 2024 report described the Philippines’ crackdown on illegal offshore gambling firms and the financial channels tied to them.

🔗 Source: Coins.ph

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