Philippines: Central Bank Cuts Off Funding to Coins.ph, Country's Crypto Pioneer

Braking in Manila. The Central Bank of the Philippines has partially suspended incoming bank transfers to DCPay Philippines, the company operating the Coins.ph e-wallet. Users of one of the oldest crypto platforms in the country can still send their pesos back to their bank, but can no longer fund their account from it.

The order affects national payment rails. Betur Inc. holds the group's crypto license and is not covered by the measure. However, funding trading accounts in pesos still goes through this same wallet.

Key Points

• The Philippine central bank blocks deposits coming from a bank account to the Coins.ph wallet.
• Withdrawals and payments via the national QR code remain possible for customers.
• The licensed entity for digital asset exchange is not targeted, but loses its supply channel in pesos.
• Manila tightens its control over e-wallets, key players in a $38 billion remittance market.

Coins.ph: What the Central Bank of the Philippines Has Suspended

The information comes from BitPinas, which cites a note from Philippine Payments Management Inc. (PPMI). This organization accredited by the central bank manages the country's clearing houses. The suspension affects two channels, InstaPay and PESONet, and only concerns incoming flows. No public reason has been provided.

InstaPay processes instant transfers up to 50,000 pesos, or about 760 euros. PESONet operates in batches with same-day settlement and serves higher amounts. Together, these two clearing houses form the backbone of transfers between banks and Philippine e-wallets.

Withdrawals remain open, as do payments via QR Ph, the national QR code standard. A Coins.ph customer can therefore empty their balance to their bank, pay a merchant with QR Ph, but can no longer top up their wallet from a bank account. For a platform claiming over 18 million users, the faucet for pesos is closing.

The legal separation between the two companies limits the formal scope of the decision. Betur Inc. retains its license as a virtual asset service provider (VASP) and continues to operate the exchange service. But the peso must land somewhere before buying bitcoin, and that somewhere is called DCPay.

![The Central Bank of the Philippines has partially suspended incoming bank transfers to DCPay Philippines, the company operating the Coins.ph e-wallet. Users of one of the oldest crypto platforms in the country can still send their pesos back to their bank, but can no longer fund their account from it.

The order affects national payment rails. Betur Inc. holds the group's crypto license and is not covered by the measure. However, funding trading accounts in pesos still goes through this same wallet.](https://journalducoin-com.exactdn.com/app/uploads/2026/10/philippine-crypto-plateforme-banque-centrale-blocage.png?strip=all&quality=90&webp=90&lazy=1) ![The Central Bank of the Philippines has partially suspended incoming bank transfers to DCPay Philippines, the company operating the Coins.ph e-wallet. Users of one of the oldest crypto platforms in the country can still send their pesos back to their bank, but can no longer fund their account from it.

The order concerns national payment rails. Betur Inc. holds the group's crypto license and is not covered by the measure. However, funding trading accounts in pesos goes through this same wallet. The country's central bank blocks incoming transfers to Coins.ph -- Source: X Account

Crypto in the Philippines: Coins.ph, a Pillar of Remittances Under Surveillance

The restriction falls on a player that is not a newcomer. Launched in 2014, Coins.ph is among the first crypto service providers registered with the Philippine central bank. Gojek acquired it in 2019 for about $72 million, before the Indonesian group sold it in 2022 to Wei Zhou, former CFO of Binance, for around $200 million.

The group operates with two distinct licenses. DCPay holds the electronic money issuer license (which is necessary for direct access to national clearing houses, and thus to the population's bank accounts), while Betur holds the crypto license. Coins.ph has also been testing the PHPC, a stablecoin pegged to the peso, in the central bank's regulatory sandbox since 2024.

The Philippines receives over $38 billion annually sent by its expatriate workers, one of the largest flows of this type in the world. E-wallets and crypto rails have established themselves as an alternative to historical operators and their fees. In return, the central bank monitors mule accounts since the adoption of the Anti-Financial Account Scamming Act in 2024, a law that gives it the power to directly investigate suspicious accounts and freeze their flows.

Cutting off inflows while leaving outflows open remains the classic tool of the regulator when it suspects a flaw in account opening procedures. Customers are not trapped, and funds continue to circulate outward. The pressure is on the platform's commercial growth. Coins.ph has not lost any of its licenses.

Cash deposits at nearby partners and QR Ph payments continue to function, as do transfers from the wallet to banks. No public deadline accompanies the measure, and neither the central bank nor Coins.ph has detailed the reasons for the suspension.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.