AI · CoinDesk
In January 2019, Indonesian technology company Gojek bought Coins.ph for $95 million
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%.
Key facts
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- The exchange, which has over 18 million customers, has a 24-hour spot trading volume of about $50 million and controls some 75%-80% of peso-to-stablecoin liquidity in the Philippines, a key
- In January 2019, Indonesian technology company Gojek bought Coins.ph for $95 million
- More than 10.8 million Filipinos live outside the country, according to the Commission on Filipinos Overseas, though most use banks and money transfer services to repatriate their earnings, some $43
Summary
The infractions, said to involve serving offshore gambling platforms, are serious enough to see the company stripped of its license to operate, according to one of the people. Earlier this month, the central bank of the Philippines imposed restrictions on deposits through Coins.ph’s main wallet firm, according to people familiar with the process. Several high-profile compliance staff left the exchange this year, including CCO Lexi Herrera and anti money-laundering specialists Chris Beaño and Irish Calagui. Coins.ph, the largest cryptocurrency exchange in the Philippines, is facing punitive action from financial regulators at the country’s central bank, two people with knowledge of the situation said. The infractions, which are said to involve serving offshore gambling firms, are serious enough for the 12-year-old company to be stripped of its license to operate, which would cause “an earthquake” in the Philippines’ crypto ecosystem, according to one of the people.