BSP Blocks Inbound Transfers to Coins.ph Crypto Platform

The Philippine Central Bank has imposed new restrictions on bank transfers to Coins.ph, one of the country's leading crypto platforms. The Bangko Sentral ng Pilipinas (BSP) has partially suspended DCPay Philippines Inc., the e-wallet operator behind Coins.ph, under Monetary Board Resolution No. 839.

This move blocks incoming credit transfers through InstaPay and PESONet, affecting users' ability to add pesos to their Coins.ph wallets from external banks or other e-wallets. However, cash-outs and QRPh merchant payments remain available, allowing customers to spend existing balances at participating stores.

The restriction mainly affects money coming into Coins.ph rather than money moving out. The order does not directly suspend Coins.ph's crypto trading entity, which operates separately from the suspended e-wallet services. Betur Inc., the company behind Coins.ph's virtual asset business, is not directly covered by the suspension.