Coins.ph: Says Philippine Central Bank license remains valid, denies knowingly serving offshore gambling operators

Odaily reports: Coins.ph stated that its Bangko Sentral ng Pilipinas (BSP) license remains valid, and denied knowingly serving offshore gaming or gambling operators. The company said user funds are safe and the platform will continue to operate as a BSP-licensed institution. The company did not directly state whether the relevant entities had used its platform.

The BSP previously required Coins.ph to strengthen internal controls and restrict InstaPay and PESONet transfers involving its operating entity DCPay Philippines. Coins.ph said that cash-in and QRPh collections are temporarily unavailable, but cryptocurrency trading, withdrawals, bill payments, and merchant QRPh payments remain accessible.

DCPay holds an Electronic Money Issuer license, while Betur Inc. operates Coins.ph's crypto asset services under a separate Virtual Asset Service Provider license. The restrictions are said to target DCPay's payment business, rather than Betur's crypto asset services. (Cointelegraph)