The Philippine crypto exchange Coins.ph faces regulatory penalties from the central bank and may have its operating license revoked.

PANews October 14 news, according to CoinDesk, two people familiar with the matter revealed that Philippine cryptocurrency exchange Coins.ph is facing regulatory penalties from the Bangko Sentral ng Pilipinas (BSP), with the alleged violations involving processing business transactions for restricted offshore gambling companies, and in severe cases the platform may have its operating license revoked.

Earlier this month, the Philippine central bank was said to have restricted deposits to the exchange through its wallet operator DCPay Philippines, but did not disclose the specific reason. Previously, the Philippine central bank had required regulated institutions to cut off electronic wallet apps' access to gambling websites, and people familiar with the matter said some gambling companies subsequently turned to Coins.ph and used it to make payments to offshore partners using cryptocurrencies and stablecoins.