Coins.ph Rebuts Compliance-Breach Allegations, Says User Assets Safe and License Intact
Summary
- Coins.ph said it is emphasizing its commitment to regulatory compliance in response to allegations tied to offshore gambling-related transactions and the possibility of sanctions from financial authorities.
- Coins.ph said it complies with requirements set by regulators including the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council, and that it is focused on building a safe digital-asset ecosystem as a fully licensed virtual asset platform.
- Coins.ph said user assets are safe and that it continues to operate normally as an institution with a license from the Bangko Sentral ng Pilipinas, while some services are expected to see a full recovery soon.
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Philippine cryptocurrency exchange Coins.ph issued a formal response to allegations involving offshore gambling-related transactions and the possibility of regulatory sanctions, stressing its commitment to compliance.
In a statement released on Oct. 14, Coins.ph said it is aware of the recent allegations tied to offshore gambling-related transactions and of discussions with the Bangko Sentral ng Pilipinas, the country's central bank. The company said the statement was intended to clarify its position for users and business partners.
Coins.ph said it complies with the requirements and standards set by regulators including the Bangko Sentral ng Pilipinas and the Anti-Money Laundering Council. It also said it is focused on building a safe and reliable digital-asset ecosystem as a fully licensed virtual asset platform.
The company said it continues to strengthen its internal compliance framework and control functions and is working closely with regulators to improve operations. It said those efforts are aimed at enhancing user protection and responding to a changing regulatory environment.
Coins.ph also addressed the safety of customer assets and the continuity of its operations. "User assets are safe, and we continue to operate normally as an institution licensed by the Bangko Sentral ng Pilipinas," the company said.
It added that some affected services are expected to be fully restored soon and that updates on progress will be provided through official channels. It did not offer a specific timeline for the recovery.
