Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action
The exchange, which has over 18 million customers, is said to have handled business transactions involving restricted offshore gaming and gambling companies.
Source: CoinDesk
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DW NOTE
The Philippine central bank is threatening to revoke Coins.ph's license for processing transactions with offshore gambling operators — the same sector Beijing banned in 2021 for capital flight and money laundering. Coins.ph controls 75–80% of peso-to-stablecoin liquidity in the world's fourth-largest remittance corridor. Revoking the license wouldn't clean up the gambling flows; it would simply move ₱18 billion in daily volume to unlicensed exchanges with no KYC at all.