Protocols & Policy · Exchanges
Coins.ph Says Philippine Central Bank Ordered Tighter Controls; Peso Deposits Shut
The Philippine crypto exchange says the Bangko Sentral ng Pilipinas directed it to improve internal controls, that peso cash-ins over InstaPay and PESONet are paused, and that user funds are safe.
Coins.ph, a Philippine crypto app, says the country's central bank has told it to tighten its internal controls, and that while it does, customers cannot add pesos to their accounts through the InstaPay and PESONet transfer systems (source 1). On Oct. 14 the company said its users' funds are safe and that it still operates as a licensed institution (source 2).
The order is in the company's own words. A Coins.ph advisory says: "The Bangko Sentral ng Pilipinas (BSP) has directed Coins.ph to introduce enhancements to our internal controls. During this time, PHP cash-in via InstaPay and PESONet and QRPH collection services are temporarily unavailable" (source 1). The page carries no date.
What still works matters as much as what stopped. The advisory says existing customers keep cash-outs, QR Ph payments, bill payments and crypto trading (source 1). So money can leave the platform and users can trade what they hold, but new pesos cannot come in through bank transfer, and merchants cannot collect QR Ph payments into Coins.ph.
That is the on-ramp. Under the central bank's retail payments framework, InstaPay is a real-time transfer system for amounts up to 50,000 pesos, and PESONet is a batch system that credits payees within the same banking day (source 6). Shutting both stops new pesos arriving by transfer without touching balances already inside.
The pause appears to be weeks old. Coins.ph's public status page lists an unresolved incident titled "Instapay Cashin Maintenance," marked "Investigating," first posted Sept. 29 at 1 p.m. Manila time, or 1 a.m. ET (source 4). The status page does not mention the central bank, and the advisory does not give a start date, so Le Coin cannot say from the company's documents exactly when the BSP directive was issued.
Today's statement answers press reports. Coins.ph said it "is aware of recent news reports about our operations, including claims about offshore gaming transactions and our engagement with the Bangko Sentral ng Pilipinas (BSP)" (source 2). It said it "is committed to serving only legitimate, compliant businesses and maintains strict controls to keep offshore gaming and gambling operators off its platform," and that it holds itself to the standards of the BSP and the Anti-Money Laundering Council (source 2).
The company posted the same statement on its official X account at 8:40 a.m. ET, adding that it is working "to restore affected services" (source 3).
| Time (ET) | What Coins.ph said or showed | Source |
|---|---|---|
| Sept. 29, 1:00 a.m. ET | Status page opens "Instapay Cashin Maintenance" incident, still "Investigating" | 4 |
| Undated | Advisory: BSP directed control enhancements; InstaPay, PESONet cash-in and QR Ph collection paused | 1 |
| Oct. 14, 8:40 a.m. ET | Official statement on X: responds to news reports, "users' funds are safe" | 3 |
| Oct. 14 | Statement on Coins.ph site: "we continue to operate as a BSP licensed institution" | 2 |
The key claims are about money and the licence. "Our users' funds are safe; we continue to operate as a BSP licensed institution," the statement says. "We expect to fully restore affected services soon and will share updates through our official channels" (source 2). The advisory adds that "customer funds remain safe in accordance with BSP requirements" and that the company is working with the BSP "to complete all requirements within the timelines it has set" (source 1).
Neither document says what the timelines are, what the BSP found, or whether any penalty is under consideration. The company does not describe the offshore gaming claims beyond calling them claims, and it does not say whether any gaming-linked transactions passed through its platform.
The central bank has not spoken publicly. The BSP's official X account posted about consumer-protection rules covering digital banking and digital assets early on Oct. 13 and about bond-market trading conventions late that evening, but nothing about Coins.ph as of 1:18 p.m. ET Oct. 14 (source 5). The BSP website refused Le Coin's request when we tried to check its media releases.
Who is affected is clear from the advisory. Retail users who top up by bank transfer cannot do so now. Merchants who take QR Ph payments into Coins.ph cannot collect them. Holders who want to sell and withdraw still can, by the company's account (source 1).
For the BSP to change that, it would have to accept that the control enhancements are done and let the cash-in rails reopen, or take a further step it has not announced. Coins.ph says it will post updates on the advisory page as services return (source 1).
As of 1:19 p.m. ET Oct. 14, the "Instapay Cashin Maintenance" incident first posted Sept. 29 was still open on Coins.ph's status page (source 4).
Sources
- Coins.ph, "User Advisory: PHP Cash-In Services Temporarily Unavailable" (undated), accessed 1:19 p.m. ET Oct. 14, 2026: https://coins.ph/en-ph/blog/user-advisory-php-cash-in-services-unavailable-2
- Coins.ph, "Official Statement from Coins.ph," Oct. 14, 2026: https://coins.ph/en-ph/blog/official-statement-from-coins-ph
- Coins.ph (official X account @coinsph), "Official Statement from Coins.ph," Oct. 14, 2026, 8:40 a.m. ET: https://x.com/coinsph/status/2110349941830819990
- Coins.ph Status, "Instapay Cashin Maintenance" incident, posted Sept. 29, 2026, accessed 1:19 p.m. ET Oct. 14, 2026: https://status.coins.ph
- Bangko Sentral ng Pilipinas (official X account @BangkoSentral), posts Oct. 12-14, 2026, checked 1:18 p.m. ET Oct. 14: https://x.com/BangkoSentral
- Bangko Sentral ng Pilipinas, "National Retail Payment System," accessed 1:24 p.m. ET Oct. 14, 2026: https://www.bsp.gov.ph/Pages/PAYMENTS%20AND%20SETTLEMENTS/National%20Retail%20Payment%20System/Empowering-Every-Juan-and-Maria.aspx
Holding the Corner.
Not financial advice.