Exclusive: Coins.ph Clarifies BSP Scrutiny, Assures All Licenses Active and Denies Offshore Gaming Ties

October 16, 2026 Joseph Rees

Coins.ph has addressed recent reports of regulatory scrutiny and allegations involving offshore gambling transactions in an exclusive response to BitPinas inquiries.

The statement follows a report from international crypto outlet CoinDesk alleging that the Bangko Sentral ng Pilipinas (BSP) is weighing severe regulatory action, including potential license revocation, after offshore gaming firms allegedly migrated to the platform.

BitPinas Inquiry to the Bangko Sentral ng Pilipinas

Following the release of Philippine Payments Management, Inc. (PPMI) Advisory No. 2026-0929-029, which enacted Monetary Board Resolution No. 839 partially suspending inbound transfers to DCPay Philippines, Inc., BitPinas Editor-in-Chief Michael Mislos formally sent an inquiry to the BSP, seeking clarity on three core regulatory issues:

Scope and Grounds of the Directive: Clarification on the primary administrative or regulatory reason behind the partial suspension of DCPay’s inbound channels (InstaPay/PESONet), and whether the order is intended as a temporary corrective measure pending compliance review or is tied to formal administrative proceedings regarding DCPay’s operating license.
Supervisory Rating & SAFR Status: Confirmation on whether DCPay or its associated entity, Betur Inc., is currently undergoing a formal Supervisory Assessment Framework (SAFR) composite rating reassessment or punitive enforcement action.
Scope Across Operating Licenses (EMI vs. VASP): Whether the central bank directive applies strictly to DCPay’s fiat electronic money operations, or if supervisory actions involve or extend to Betur Inc.’s Virtual Asset Service Provider (VASP) authorization and crypto trading activities.

The BSP acknowledged receipt of the queries before issuing its formal response, declining to comment on specific supervisory matters or confirm active enforcement proceedings:

“We will provide information as and when appropriate. Thank you.”

Coins.ph Responses

On Offshore Gaming

Addressing claims that offshore gaming and gambling operators utilized Coins.ph following the central bank’s clampdown on third-party gaming integrations on mainstream e-wallets, the exchange firmly rejected allegations that it facilitates prohibited platforms.

“Coins.ph is committed to serving only legitimate, compliant businesses and maintains strict controls to keep offshore gaming and gambling operators off its platform,” the company told BitPinas.

On Current BSP Licenses

Coins.ph clarified the jurisdictional scope of the clearinghouse suspension, underscoring that the PPMI advisory applies exclusively to its domestic fiat electronic money issuer (EMI) arm, DCPay Philippines, Inc., rather than its virtual asset exchange operations^.

“Betur is not covered by the PPMI advisory,” Coins.ph stated. “Nevertheless, all of our BSP licenses remain active: Betur Inc.’s VASP license for crypto and DCPay Philippines Inc.’s EMI license for our peso wallet.”

The company reiterated that the central bank’s action is strictly confined to inbound bank deposits:

“The BSP directive only affects cash-ins to DCPay through InstaPay and PESONet. Crypto trading, cash-outs, bills and QR Ph payments continue.”

It should be noted that while the directive specifically targets “cash-ins,” its practical impact is severe.

Because the order mandates compliance from all InstaPay and PESONet participants, it effectively halts all new fiat capital from entering the platform via local banking rails. Under the directive, all other regulated financial institutions in the Philippines, including traditional banks and competing e-wallets, are legally prohibited from sending money into a Coins.ph account.

Routine Supervisory Review and Fund Safety

When asked about the current nature of its engagement with the central bank, Coins.ph framed the ongoing measures as standard supervisory oversight rather than terminal revocation proceedings:

“As a licensed entity, Coins.ph takes its regulatory obligations seriously. As part of its regular examination and regulatory oversight, BSP has asked us to introduce enhancements to our controls, and we are working closely with BSP to complete all requirements within the timelines it has set.”

Coins.ph cited regulatory confidentiality provisions regarding specific technical audit findings behind Monetary Board Resolution No. 839^:

“Supervisory matters are confidential, so we are unable to share further details. Existing customers continue to have access to our products and services, with select services temporarily unavailable. Details are available in our official advisory. Customer funds remain safe in accordance with BSP requirements.”