Coins.ph faces license risk over offshore gambling allegations

Coins.ph, the largest cryptocurrency exchange in the Philippines, is facing a potential loss of its license following allegations that it provided services to offshore gambling platforms. The Bangko Sentral ng Pilipinas (BSP) began enforcing deposit restrictions on the exchange in October 2026, affecting transaction capabilities through its primary wallet operator.

The regulatory scrutiny coincides with significant departures from the company’s compliance department. Key figures who left in 2026 include Chief Compliance Officer Lexi Herrera, along with anti-money laundering specialists Chris Beaño and Irish Calagui. The loss of these specialists may complicate the monitoring of suspicious transactions and fund flows.

The situation follows a broader crackdown on Philippine Offshore Gaming Operators (POGOs) mandated by Executive Order No. 74 and Republic Act 12312. Regulators are increasingly monitoring payment rails and exchanges to prevent the movement of funds for prohibited gambling activities. The current restrictions on Coins.ph lack a specified duration or public explanation for the exact scope of the enforcement.