The Philippines’ largest crypto exchange is in a tight spot. Coins.ph faces a potential loss of its license amid allegations that it provided services to offshore gambling platforms.
What is happening with Coins.ph
Coins.ph operates as a licensed virtual asset service provider, or VASP, under the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
The BSP began enforcing deposit restrictions on Coins.ph in October 2026. Those restrictions affected transaction capabilities through the exchange’s primary wallet operator.
A compliance team with a revolving door
The regulatory pressure has arrived alongside notable departures from Coins.ph’s compliance ranks. Chief Compliance Officer Lexi Herrera left the company in 2026.
Anti-money laundering specialists Chris Beaño and Irish Calagui also departed during 2026.
Coins.ph has suspended gaming-related advertisements since August 2025.
The POGO crackdown backdrop
Executive Order No. 74, issued in 2024, led to a permanent ban on POGOs. The industry went from licensed business to prohibited activity. Legislative measures such as Republic Act 12312 further solidified the prohibition.
When a country bans an entire sector, regulators typically follow the money, which means looking at the payment rails, wallets and exchanges that may have moved funds for those operators.
What this means for users and the market
Coins.ph is the leading local platform for peso-to-crypto ramps in the Philippines. Deposit restrictions can affect liquidity, meaning how easily users can buy or sell without delays or unfavorable pricing.
Should the situation escalate to full license revocation, users and investors might grow wary of other platforms, wondering whether similar enforcement could follow.
A possible regional template
The key things to watch are whether the BSP escalates beyond deposit restrictions, how Coins.ph rebuilds its compliance leadership, and whether the company responds publicly to the allegations.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.