BSP restricts inbound bank transfers for Coins.ph operator

The restriction stems from Monetary Board Resolution No. 839, communicated to financial institutions through Philippine Payments Management Inc. Advisory No. 2026-0929-029. While the order halts incoming person-to-person transfers and specific business credits, it does not affect outbound transactions. Users remain able to withdraw funds to bank accounts and conduct payments at QRPh-enabled merchants using existing wallet balances.

Coins.ph temporarily halted all peso cash movements on September 30 to implement the necessary technical adjustments. By October 1, the platform’s status page confirmed that outbound transfers and spot trading services had resumed, though bank cash-in channels remained under maintenance. The company has not provided a timeline for when these inbound services will be restored, and the central bank has not issued a public explanation for the resolution.

The regulatory action specifically impacts DCPay, the entity managing the platform's e-money and peso operations. Crypto trading and custody services, which operate under the separate VASP license of Betur Inc., remain unaffected. Customers can still deposit and withdraw digital assets across major blockchain networks, though the inability to move funds from banks into the peso wallet limits the primary funding source for crypto purchases.