BSP Restricts Fiat Deposits for Coins.ph

The Bangko Sentral ng Pilipinas (BSP) has imposed restrictions on fiat deposit channels for Coins.ph, a local cryptocurrency exchange. The move limits Philippine peso deposits through InstaPay and PESONet, but allows withdrawals to external bank accounts and merchant payment services using QR codes.

Coins.ph's cryptocurrency trading business remains unaffected by the BSP's decision. This means that users can continue to trade cryptocurrencies without disruption.

The restrictions on fiat deposit channels were imposed due to a partial suspension of some operations of DCPay Philippines, the electronic money issuer used by Coins.ph. As a result, incoming transfers through InstaPay and PESONet are no longer allowed.