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.
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Summary
- The infractions, said to involve serving offshore gambling platforms, are serious enough to see the company stripped of its license to operate, according to one of the people.
- Earlier this month, the central bank of the Philippines imposed restrictions on deposits through Coins.ph’s main wallet firm, according to people familiar with the process.
- Several high-profile compliance staff left the exchange this year, including CCO Lexi Herrera and anti money-laundering specialists Chris Beaño and Irish Calagui.
