Coinsph responds to rumors of license revocation: VASP and EMI licenses remain valid. They deny providing services for illegal offshore gambling activities.

The Filipino encrypted media platform BitPinas reported that the Filipino encrypted trading platform Coinsph responded to a report by CoinDesk, which mentioned that Coinsph faced the risk of having its license revoked due to suspected involvement in offshore gambling activities. Coinsph denied providing services to illegal offshore gambling operators, and stated that its virtual asset service provider (VASP) license and EMI license for DCPay Philippines are still valid. Coinsph noted that cryptocurrency trading, withdrawal processes, and other payment services continue to operate normally. The restrictions imposed by the Philippine Central Bank only apply to fiat currency deposits into DCPay through InstaPay and PESONet. The company also acknowledged that the central bank has requested it to make improvements.