Coins.ph, a Philippines-based cryptocurrency exchange and financial services platform, may face action from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, over alleged dealings with offshore gambling firms, according to two people with knowledge of the situation.

The people said the alleged infractions could cost Coins.ph its operating license.

They also said gambling operators moved to the platform after the BSP tightened rules for e-wallets.

The BSP restricted deposits made through DCPay Philippines, Coins.ph’s wallet firm, earlier this month, the people said. One person said the restriction had no stated end date.

Coins.ph said in 2022 that the BSP granted it EPFS authorization.

The BSP separately lists licensed virtual asset service providers, but the sources did not identify which authorization is at risk.

The BSP has ordered e-wallets to remove in-app access to gambling sites.

Firms have also been removed from its VASP list, though the cited report does not establish why.

Neither Coins.ph nor the BSP responded to requests for comment by publication time.

🔗 Source: CoinDesk

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