Regulation· ★★★· bearish·

Philippines central bank halts inbound bank transfers to Coins.ph

  • —Inbound transfers via InstaPay and PESONet to DCPay Philippines are suspended
  • —Withdrawals to banks and QR Ph merchant payments still work
  • —Betur Inc.'s VASP crypto license is not covered by the order
  • —Coins.ph claims over 18 million users in a $38 billion remittance market
Why it matters: The platform loses its main peso funding channel, hitting growth and trading volumes in one of the world's largest remittance markets.
Source: Journal du Coin
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