Coins.ph, the largest cryptocurrency exchange in the Philippines with over 18 million customers, is reportedly facing punitive action from the country's central bank (Bangko Sentral ng Pilipinas, BSP). The regulatory action is said to stem from the exchange's handling of business transactions involving restricted offshore gaming and gambling companies. Sources familiar with the situation indicate that the infractions are serious enough to potentially lead to the revocation of Coins.ph's operating license, which would cause an "earthquake" in the local crypto ecosystem. The exchange controls an estimated 75%-80% of peso-to-stablecoin liquidity in the Philippines. Earlier this month, the BSP reportedly imposed restrictions on deposits to Coins.ph made through its main wallet firm, DCPay Philippines.