Coins.ph has denied knowingly serving offshore gambling operators in a statement sent to us, after a report said its operating licence could be at risk.

“Coins.ph firmly denies any claim that it knowingly serves offshore gaming or gambling operators,” the company said.

It added that it holds itself to the requirements of the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC) and other regulators.

The statement responds to a CoinDesk report that cited people familiar with the matter as saying the platform’s licence could be at risk over transactions linked to restricted offshore gaming operators.

Funds Safe, Services to Return

Coins.ph said users’ funds are safe and that it continues to operate as a BSP-licensed institution. It expects to fully restore affected services soon and will share updates through its official channels.

The company also said it is investing in strengthening its compliance and control functions and working closely with regulators to improve its operations.

No Date for Restored Cash-Ins

The statement did not say when services would return or respond directly to the reported risk to its licence.

Since 29 September, a BSP order has partially suspended DCPay Philippines, the e-money issuer behind Coins.ph’s peso wallet.

Users cannot top up from banks or other e-wallets through InstaPay and PESONet, but can still send money out, pay bills and trade crypto.

The BSP has not publicly commented on the report.

Featured image: Edited by Fintech News Philippines based on an image by thanyakij-12 via Magnific.