Philippines Crypto News

TrueMoney has shut down its Philippine operations, forcing 5 million users to migrate to competing platforms. The closure removes a major remittance option for overseas Filipino workers who relied on the service.

The Bangko Sentral ng Pilipinas is now coordinating enforcement actions with the SEC and NTC to limit Filipino access to unlicensed crypto platforms, moving beyond public warnings to active market surveillance.

Coins.ph will fully delist SWEAT and SOVRN tokens on May 22, marking the ninth token removal in two months as the BSP-regulated exchange tightens its listing standards.

Fraudsters claiming government backing for a fake 'Pasig Coin' investment were spotted soliciting residents near Centennial II in Barangay Pinagbuhatan, prompting Mayor Vico Sotto's warning.

The National Bureau of Investigation arrested 17 people operating a romance and cryptocurrency fraud ring from a Parañaque City office on May 15, seizing deepfake software and pre-written scripts designed to manipulate victims into sending money to fake crypto platforms.

The Bangko Sentral ng Pilipinas issued a memorandum requiring stricter anti-money laundering controls across payment systems as digital transactions reached 57.4% of retail volume in 2024. The directive mandates enhanced monitoring of merchant accounts, payment aggregators, and QR-enabled transactions, while warning Filipinos against unlicensed cryptocurrency platforms.

The Securities and Exchange Commission applies the Howey Test to determine whether crypto schemes qualify as unregistered securities sales, with penalties reaching 21 years imprisonment under the Securities Regulation Code.

The Bangko Sentral ng Pilipinas warned Filipinos on May 11 that using unauthorized virtual asset service providers exposes them to fraud, cyberattacks, and potential fund loss with no legal recourse.

Three foreign nationals convicted of running a human trafficking operation at a Pampanga crypto scam hub will serve life sentences. The operation forced over 1,000 workers to lure targets into fake cryptocurrency investments under brutal conditions, working 16-18 hours daily on one meal per shift.

Sumsub launched a hybrid fraud detection bundle for Philippine financial institutions as deepfake attacks in the local market grew 61% year-on-year in 2025. The new system combines rule-based detection with dynamic risk scoring to meet the Anti-Financial Account Scamming Act requirements taking full effect June 25, 2026.

Maya partnered with Lydian to enable Philippine merchants to accept stablecoins and digital assets with same-day peso settlement. The partnership targets friction points that limited merchant adoption, including volatility and custody requirements.

Fraudsters are impersonating Shopwise Inc. on Facebook with fake part-time job offers that require victims to invest $2.12 upfront. The Securities and Exchange Commission warns the bogus platform has no connection to the registered retailer and lacks authority to solicit investments.

Senators Thom Tillis and Angela Alsobrooks finalized compromise text that prohibits rewards economically equivalent to bank deposit interest, ending a months-long standoff over stablecoin provisions in landmark crypto legislation.

Meta's stablecoin strategy has shifted from building its own currency to partnering with regulated providers. The company now lets Philippine creators cash out earnings in USDC through local wallets like GCash and Coins.ph, though they must handle peso conversion themselves.

Meta is launching USDC stablecoin payouts for creators in the Philippines through Solana and Polygon blockchains, with Stripe handling the payments infrastructure.

GCash Chief Information Security Officer Miguel Geronilla was appointed to the Philippine National Police Anti-Cybercrime Group Advisory Group during the unit's 13th founding anniversary celebration at Camp Crame on March 12.