Philippine Crypto Giant Coins ph Faces Regulatory Scrutiny Over Alleged Gambling Links

Coins ph, one of the Philippines' largest crypto exchanges with over 18 million registered users, is reportedly facing regulatory scrutiny from the Bangko Sentral ng Pilipinas (BSP) over allegations that it facilitated transactions for restricted offshore gambling operators, potentially putting its license at risk. In late September, the BSP restricted incoming peso transfers to its e-wallet operator, DCPay Philippines, through InstaPay and PESONet. Several senior compliance executives have also reportedly departed. Indonesian tech giant Gojek acquired Coins ph for a reported $95 million in 2019 before selling it in 2022 to an investor group involving Joffre Capital and former Binance CFO Wei Zhou. — link