Coins.ph Services Unavailable After BSP Orders Control Upgrades

Coins.ph said some services remained unavailable after the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank, ordered the crypto platform to strengthen its internal controls. In an Oct. 14 statement, the company said users’ funds were safe and that it was working to restore full service.

Coins.ph did not identify the affected services or say when the disruption began. It said restoration was expected “soon” but gave no specific date.

The statement followed reports about offshore gaming transactions and the company’s engagement with the BSP. In a separate, undated advisory, Coins.ph said the central bank had ordered enhancements to its internal controls. The company is working to meet the requirements within timelines set by the regulator.

The advisory did not disclose those deadlines or give a date for completing the changes. Coins.ph said it would provide updates through its official channels as services are restored.

The platform said it maintains controls intended to prevent offshore gaming and gambling operators from using its services. It added that it serves legitimate and compliant businesses.

“Our users’ funds are safe; we continue to operate as a BSP-licensed institution,” Coins.ph said. The company added that it was strengthening its compliance and control functions and working with regulators to improve its operations.

Coins.ph did not say its license had been suspended or revoked. It described itself as a regulated and licensed platform while acknowledging that some services still needed to be restored.