Coins.ph faces potential license loss over alleged offshore gambling links

The Philippines’ largest crypto exchange is in a tight spot. Coins.ph faces a potential loss of its license amid allegations that it provided services to offshore gambling platforms. What is happening with Coins.ph Coins.ph operates as a licensed virtual asset service provider, or VASP, under the Bangko Sentral ng Pilipinas (BSP), the country’s central bank. The BSP began enforcing deposit restrictions on Coins.ph in October 2026. Those restrictions affected transaction capabilities through the exchange’s primary wallet operator. A compliance team with a revolving door The regulatory pressure has arrived alongside notable departures from Coins.ph’s compliance ranks. Chief Compliance Officer Lexi Herrera left the company in 2026. Anti-money laundering specialists Chris Beaño and Irish Calagui also departed during 2026. Coins.ph has suspended gaming-related advertisements since August 2025. The POGO crackdown backdrop Executive Order No. 74, issued in 2024, led to a permanent ban on POGOs. The industry went from licensed business to prohibited activity. Legislative measures such as Republic Act 12312 further solidified the prohibition. When a country bans an entire sector, regulators...