Coins.ph Says Philippine License Remains Intact as Transfers Face Restrictions

Coins.ph says its Philippine central bank license remains intact while incoming transfers to its peso e-wallet operator face restrictions. The Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, has restricted incoming InstaPay and PESONet transfers involving DCPay Philippines, which operates Coins.ph’s peso e-wallet services. Coins.ph says cash-ins and QRPh collections are temporarily unavailable, while crypto trading, cash-outs, bill payments and merchant QRPh payments remain accessible. Coins.ph said the BSP instructed it to strengthen its internal controls. The company said it “firmly denies any claim that it knowingly serves offshore gaming or gambling operators” and that users’ funds are safe.

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