Coins.ph, the Philippines’ leading digital wallet and crypto exchange, has temporarily halted cash-in and cash-out services following a directive from the Bangko Sentral ng Pilipinas (BSP), the country’s central bank.
Partial Suspension of Coins.ph’s Features
On Tuesday, the platform began displaying a notification on its web and mobile apps informing users of the suspension of cash-in and cash-out features, without specifying the reason.
By Wednesday, local crypto news outlet Bitpinas reported that the BSP had instructed local clearinghouses InstaPay and PESONet to block inbound money transfers on the platform. The order stems from the suspension of DCPay Philippines, the corporate entity and licensed Electronic Money Issuer (EMI) behind Coins.ph.
The Philippine Payments Management Inc. (PPMI), the official Payment System Management Body recognized by the BSP, notified financial institutions of the central bank’s order through PPMI Advisory No. 2026-0929-029, directing implementation pursuant to BSP Monetary Board Resolution No. 839.
The specific reason for DCPay’s suspension remains unclear, and Coins.ph has not yet issued a public statement. Its most recent social media post on X focused on upcoming overseas events in October, including Money 20/20 in Las Vegas and the Asia Stablecoin Conference 2026 in South Korea.
Resumption of Services
Coins.ph announced it would resume outbound fund transfers before Wednesday noon, but inbound transfers will remain restricted. Other services, including crypto trading, digital asset wallets, custody services, and person-to-merchant payments via 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, authorizing it to offer crypto trading, token custody, and digital asset wallets under BSP supervision.
DCPay maintains Coins.ph’s EMI license from the BSP, enabling the platform to manage wallet balances, bank deposit integration, payment processing, and conversions in Philippine peso.
Crypto Crackdown in the Philippines
The suspension follows the Philippine government and central bank’s increased scrutiny of payment platforms, including crypto-related businesses. Earlier this month, the BSP moved to freeze the registration of new Operators of Payment Systems (OPS) for a year, citing concerns over their use in fraud and illicit transactions, and proposed tighter rules for VASPs.
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