Philippine cryptocurrency exchange Coins.ph faces regulatory penalties from the Bangko Sentral ng Pilipinas (BSP) for allegedly processing transactions for restricted offshore gambling enterprises. The central bank could revoke the platform's operating license if violations are confirmed, marking a significant enforcement action against a major local crypto firm. The BSP restricted deposits to Coins.ph through wallet operator DCPay Philippines earlier this month without disclosing specific reasons. Sources indicate that offshore gambling operators turned to Coins.ph to pay international partners using cryptocurrencies and stablecoins after the central bank previously ordered regulated institutions to block e-wallet access to gambling websites.