- Philippines’ top crypto platform Coins.ph has temporarily suspended cash-ins and cash-outs due to a central bank directive.
Coins.ph, the Philippines’ top digital wallet and crypto exchange, has run into trouble with Bangko Sentral ng Pilipinas, its home country’s central bank. The issue led the platform to suspend some features.
Partial Suspension of Coins.ph’s Features
On Tuesday, Coins.ph began flashing a notification on its web and mobile app informing users of the temporary suspension of its cash-ins and cash-outs. However, it was noticeably mum on the reason behind the move.
By Wednesday, local crypto news outlets like Bitpinas learned that the Philippine central bank’s directive was behind the move. The institution instructed local clearinghouses InstaPay and PESONet to block inbound money transfers on the platform due to DCPay Philippines’ suspension. The latter is the corporate entity and licensed Electronic Money Issuer (EMI) behind Coins.ph.
The Philippine Payments Management Inc. (PPMI), the official Payment System Management Body (PSMB) recognized by the BSP, already notified financial institutions of the central bank’s order through PPMI Advisory No. 2026-0929-029. It directed them to implement the pronouncement pursuant to BSP Monetary Board Resolution No. 839.
The specific reason for DCPay’s suspension remains unclear, and Coins.ph has not yet addressed the situation publicly. As of this writing, the latest post on its X social media account focused only on its upcoming overseas events this October, including Money 20/20 in Las Vegas and the Asia Stablecoin Conference 2026 in South Korea.
Resumption of Services
Coins.ph said it would resume outbound fund transfers before Wednesday noon, but inbound transfers will remain restricted. Meanwhile, its other services, including crypto trading, digital asset wallets, custody services, and person-to-merchant payments through QR PH, are unaffected. This is because the platform’s infrastructure operates under two legally distinct entities.
Betur Inc. holds Coins.ph’s Virtual Asset Service Provider (VASP) license. It authorizes it to offer crypto trading, token custody, and digital asset wallets under the BSP’s supervision.
Meanwhile, DCPay maintains Coins.ph’s EMI license from the BSP. It allows the platform to manage wallet balances, bank deposit integration, payment processing, and conversions in local fiat currency, the Philippine peso.
Crypto Crackdown in the Philippines
The latest developments follow the Philippine government and central bank’s stricter scrutiny of payment platforms, including crypto-related businesses and activities. Earlier this month, the BSP pushed to freeze the registration of new Operators of Payment Systems (OPS) for a year, citing concerns over their rising use in fraud and illicit transactions. It also proposed tighter rules for VASPs.
