Coinsph Says Licenses Remain Valid, Denies Serving Prohibited Offshore Gambling Operators

Coinsph said its Philippine licenses remain valid despite limits on peso cash-ins through InstaPay and PESONet, adding that crypto trading and withdrawals continue and denying service to prohibited offshore gambling operators.

The company said the restrictions apply to fiat cash-ins to DCPay through the two payment services. Crypto trading, withdrawals and other payment services remain available, Coinsph said.

Betur Inc. holds the virtual asset service provider (VASP) license, while DCPay Philippines holds the electronic money issuer (EMI) license, the company said. Coinsph also denied providing services to prohibited offshore gambling operators.

Coinsph said the Philippine central bank asked it to strengthen internal controls and that it is working to meet the requirements. The central bank declined to comment on the specific regulatory matter.