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

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

InstaPay and PESONet are the two retail payment rails at the core of the Philippines' national payment system: InstaPay settles small-value transfers in real time, while PESONet processes credit transfers in batches, and both are widely used to move pesos between bank accounts and e-wallets.

The order targets DCPay Philippines specifically 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 directive. That split reflects the BSP's licensing framework, under which e-money issuance and virtual currency exchange services are registered as distinct regulated activities.

Inbound Transfers Affected

Under the BSP directive, DCPay is prevented 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 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 a direct suspension of the cryptocurrency trading entity referenced in the X post shared by Wu Blockchain.

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 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 the BSP action therefore 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.

Source: Hokanews