Coins.ph, the Philippines' largest crypto-to-fiat on-ramp, suspended cash-in and cash-out services this week after the Bangko Sentral ng Pilipinas (BSP) instructed local clearinghouses InstaPay and PESONet to block all inbound transfers to DCPay Philippines, the licensed Electronic Money Issuer (EMI) operating the platform's fiat rails.
The directive came via Philippine Payments Management Inc. (PPMI) Advisory No. 2026-0929-029, formalized under BSP Monetary Board Resolution No. 839. Coins.ph said it would resume outbound transfers by Wednesday noon but inbound flows remain frozen. The central bank has not disclosed the reason for the suspension.
The suspension targets only DCPay's fiat infrastructure. Coins.ph's crypto services—trading, wallet custody, digital asset holdings—remain live because Betur Inc. which holds the platform's Virtual Asset Service Provider (VASP) license, operates independently of the e-money entity. This structural separation means users can still move crypto on-chain and trade peer-to-peer; they simply cannot deposit or withdraw Philippine pesos through the regulated banking corridor.
This is the latest escalation in the BSP's tightening grip on crypto and payment infrastructure. Earlier this month, the central bank froze new Operator of Payment Systems (OPS) registrations for one year, citing surging fraud and illicit use of mobile money networks. The BSP also proposed stricter VASP rules, banned privacy coins via Memorandum M-2026-023, and ordered banks to cut ties with unregistered crypto entities. Internet Service Providers have already IP-blocked unlicensed exchanges nationwide.
The core issue: peer-to-peer mobile transfers and local QR networks are scaling faster than clearinghouse monitoring infrastructure can analyze. The central bank views the speed of flow—not the platforms themselves—as the operational risk.
