Coins.ph’s operating licence could be at risk over transactions reportedly linked to restricted offshore gambling operators, CoinDesk reported, citing people familiar with the matter.

In a statement shared with BitPinas, Coins.ph said it “firmly denies any claim that it knowingly serves offshore gaming or gambling operators.”

It added that users’ funds are safe and that it continues to operate as a BSP-licensed institution.

The Bangko Sentral ng Pilipinas (BSP) has not commented on the report.

Coins.ph says it has more than 18 million registered accounts, and CoinDesk estimated that the platform handles 75% to 80% of the country’s peso-to-stablecoin liquidity.

A Freeze on Bank Cash-Ins

The report follows a BSP order on 29 September that partially suspended DCPay Philippines, the e-money issuer behind Coins.ph’s peso wallet.

Users cannot top up their wallets from banks or other e-wallets through InstaPay and PESONet.

They can still send money out, pay bills, make QRPh payments in stores and trade crypto.

Coins.ph has said the BSP directed it to strengthen its internal controls and that it expects to restore affected services soon.

The Reported Gambling Link

The BSP ordered financial institutions in August 2025 to remove in-app links to online gambling platforms.

According to CoinDesk’s sources, some offshore gaming operators then moved transactions to Coins.ph, using stablecoins to settle payments with offshore partners.

The report comes amid wider BSP scrutiny of gambling-linked payments.

In September, the central bank found online casinos disguised as beauty salons and bakeries processing bets through payment platforms, leading to more than 8,000 merchant account closures.

Featured image: Edited by Fintech News Philippines based on an image by Magnific.