Coins.ph Faces Philippine Central Bank Regulatory Action, License May Be Revoked Over Serving Offshore Gambling Platforms

Odaily reports: The Philippines' largest cryptocurrency exchange, Coins.ph, is facing regulatory action from the Bangko Sentral ng Pilipinas (BSP). A person familiar with the matter said the exchange is involved in providing services to offshore gambling platforms, and the severity of the related violations could lead to the revocation of its operating license.

Earlier this month, the Bangko Sentral ng Pilipinas imposed restrictions on deposits made through the main wallet operating company of Coins.ph, with specific measures disclosed by people familiar with the process.

Coins.ph has seen multiple compliance department employees depart this year, including Chief Compliance Officer Lexi Herrera, as well as anti-money laundering specialists Chris Beaño and Irish Calagui. (CoinDesk)