Coins.ph, the Philippines' largest cryptocurrency exchange, faces potential loss of its license amid allegations that it provided services to offshore gambling platforms. The platform operates as a licensed virtual asset service provider under the Bangko Sentral ng Pilipinas (BSP), the country's central bank.
The regulatory pressure intensified in October 2026 when the BSP began enforcing deposit restrictions on Coins.ph, affecting transaction capabilities through the exchange's primary wallet operator. The timing coincided with notable departures from the company's compliance leadership, including Chief Compliance Officer Lexi Herrera, who left in 2026. Anti-money laundering specialists Chris Beaño and Irish Calagui also departed that year.
Background: The Philippine Gambling Ban
The enforcement action follows Executive Order No. 74, issued in 2024, which permanently banned Philippine-Offshore Gaming Operations (POGOs). Legislative measures including Republic Act 12312 further solidified the prohibition. When countries ban entire sectors, regulators typically scrutinize payment infrastructure, including exchanges and wallets that may have processed funds for those operators.
Coins.ph suspended gaming-related advertisements in August 2025, ahead of the deposit restrictions.
Impact on Users and the Market
Coins.ph operates as the leading local platform for peso-to-crypto conversions in the Philippines. Deposit restrictions can reduce liquidity, potentially affecting how easily users buy or sell assets without delays or unfavorable pricing. A full license revocation could prompt users and investors to question the stability of other platforms operating in the region.
Key developments to monitor include whether the BSP escalates beyond deposit restrictions, how Coins.ph rebuilds its compliance team, and whether the company issues a public response to the allegations.
