Largest Philippines crypto exchange, Coins.ph, said to face central bank regulatory action

From the source

The exchange, which has over 18 million customers, is said to have handled business transactions involving restricted offshore gaming and gambling companies. Coins.ph, the largest cryptocurrency exchange in the Philippines, is facing punitive action from financial regulators at the country’s central bank, two people with knowledge of the situation said. The infractions, which are said to involve serving offshore gambling firms, are serious enough for the 12-year-old company to be stripped of its license to operate, which would cause “an earthquake” in the Philippines’ crypto ecosystem, according to one of the people. The exchange, which has over 18 million customers, has a 24-hour spot trading volume of about $50 million and controls some 75%-80% of peso-to-stablecoin liquidity in the Philippines, a key transaction in the world's fourth-largest remittance recipient. More than 10.8 million Filipinos live outside the country , according to the Commission on Filipinos Overseas, though…

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