Philippine Central Bank Restricts Inbound Bank Transfers to Coins.ph

Coins.ph faces BSP restrictions on inbound InstaPay and PESONet transfers to DCPay Philippines, while outbound transfers

The Bangko Sentral ng Pilipinas (BSP) has partially suspended inbound bank transfers to DCPay Philippines, the e-money operator behind Coins.ph, restricting how customers can fund their accounts through the Philippines' major electronic payment networks.

According to Wu Blockchain, citing BitPinas and a Philippine Payments Management Inc. (PPMI) advisory, the restriction applies to incoming transfers through InstaPay and PESONet. Certain QR payments are also affected, while outbound transfers remain available.

The action targets DCPay Philippines, rather than the entire Coins.ph business. Coins.ph operates through multiple entities, and its separately licensed cryptocurrency trading company, Betur Inc., is not directly covered by the order.

Inbound Transfers Affected

The BSP directive prevents DCPay from receiving or accepting certain incoming credit transfers processed through InstaPay and PESONet, according to the PPMI advisory cited by BitPinas. The payment restrictions affect deposits coming into the Coins.ph e-wallet operator.

BitPinas reported that outbound transactions remain available under the partial suspension. QR payment functionality also remains available in certain circumstances, meaning the order does not amount to a complete shutdown of DCPay's payment services.

The distinction is significant because DCPay and Betur Inc. serve different functions within the Coins.ph ecosystem. The regulatory action described in the advisory is directed at DCPay, while Betur Inc., which operates the separately licensed crypto trading business, is not directly named in the order.

DCPay's Role in the Philippine Payment Network

DCPay Philippines has previously appeared as an InstaPay participant. BSP records listing InstaPay participants as of March 31, 2026 identify DCPay Philippines Inc. among non-bank electronic money institutions participating as both a sender and receiver.

That payment-network role helps explain the practical effect of the latest restriction: the order concerns the movement of Philippine pesos into the e-money operator through established domestic transfer rails rather than directly suspending the cryptocurrency trading entity identified in the X post.

BitPinas reported that the directive was communicated to financial institutions through PPMI Advisory No. 2026-0929-029 and was issued pursuant to BSP Monetary Board Resolution No. 839.

Restriction Applies to the E-Money Operator

The distinction between DCPay and Betur Inc. means the reported measure should not be characterized as a blanket suspension of Coins.ph's cryptocurrency trading operations.

Instead, the immediate restriction concerns specific inbound payment channels connected to DCPay. The availability of outbound transfers means customers retain some transaction functionality despite the limitations on incoming bank transfers.

BitPinas said it had contacted Coins.ph for comment but had not received a response at the time of its report.

The PPMI advisory and BSP action therefore financial leave the immediate focus on DCPay's ability to receive funds through InstaPay and PESONet, while the separately licensed Betur Inc. remains outside the direct scope of the order described in the report.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.