The Bangko Sentral ng Pilipinas (BSP) has partially suspended DCPay Philippines Inc., the e-wallet operator behind Coins.ph, blocking inbound money transfers across the InstaPay and PESONet clearinghouses, according to BitPinas.

The Philippine Payments Management Inc. notified financial institutions of the directive through PPMI Advisory No. 2026-0929-029, mandating immediate implementation pursuant to BSP Monetary Board Resolution No. 839.

Under the order, DCPay can no longer receive incoming credit transfers cleared via InstaPay or PESONet, affecting incoming person-to-person transfers, InstaPay QR credit transfers, and DCPay’s pilot participation in InstaPay for Business.

Users attempting to cash in or transfer money into a Coins.ph wallet from external banks such as BDO, BPI and UnionBank, or e-wallets such as GCash and Maya, will have those transactions rejected.

Coins.ph’s own status page confirms the disruption, listing both InstaPay Cash In and PESONet Cash In as “Under Maintenance.”

DCPay remains fully authorised to process outbound transfers, letting wallet holders continue sending money out of their Coins.ph accounts to other Philippine bank accounts and e-wallets.

Person-to-merchant payments through QR Ph, the national standard, also remain unaffected, so account holders can still scan QR Ph codes at checkout using their existing balances.

Not All of Coins.ph Is Frozen

While Coins.ph operates as a single consumer brand, it runs through two legally distinct BSP-regulated entities. DCPay Philippines Inc., the entity subject to this suspension, holds an electronic money issuer licence and manages peso wallet balances, bank deposit integrations and fiat payment processing.

Betur Inc. holds a separate virtual asset service provider licence and powers cryptocurrency trading, digital asset wallets and custody services.

The suspension doesn’t touch these directly, though the inbound transfer pause still affects fiat cash-ins via local banking rails used to fund crypto trades.

This Isn’t BSP’s First Move This Month

The suspension follows a pattern of intensifying BSP scrutiny over payment merchant risk this month.

Earlier in September, BSP proposed a 12-month pause on new payment system operator registrations alongside stricter merchant traceability rules, after separately finding online casinos disguised as beauty salons and bakeries processing bets through payment platforms, an investigation that led to more than 8,000 merchant account closures.

BitPinas said it has sent an inquiry to Coins.ph but had not received a reply at the time of publication.

Featured image: Edited by Fintech News Philippines based on images by Coins.ph via its website and mahmud7 via Magnific.