Coins.ph is under Bangko Sentral ng Pilipinas scrutiny over suspected facilitation of transfers to regulated overseas gambling operators, with potential sanctions and its operating license at risk depending on the severity of any violations. In late September, the Philippine central bank restricted peso deposits into the exchange through its e-wallet operator, DCPay Philippines, using the domestic payments network. Coins.ph has more than 18 million customers, recorded about $50 million in spot trading volume over 24 hours and accounts for roughly 75% to 80% of liquidity between the Philippine peso and stablecoins. Its market role has raised concern that severe regulatory action could disrupt local digital-asset trading and potentially affect remittance-related activity. Several senior compliance officers have left Coins.ph, while neither the exchange nor the BSP responded to requests for comment.