Coins.ph users have lost access to incoming InstaPay and PESONet bank transfers after the Bangko Sentral ng Pilipinas partially suspended the payment-network access of its e-money operator, DCPay Philippines.
Summary
- Coins.ph users cannot receive InstaPay or PESONet bank transfers after BSP suspended DCPay’s inbound access.
- Outbound bank transfers remain permitted under the BSP order, while QRPh merchant payments can continue.
- Coins.ph temporarily paused all peso cash movements while making technical adjustments to implement the restriction.
- Betur’s crypto trading operations remain separate, though blocked bank cash-ins can limit peso funding options.
- Coins.ph status page still lists InstaPay cash-in maintenance as under investigation since September 29, 2026.
BitPinas reported that Philippine Payments Management Inc. notified financial institutions through PPMI Advisory No. 2026-0929-029, which ordered immediate implementation of BSP Monetary Board Resolution No. 839. The restriction applies to DCPay’s ability to receive money through the two national transfer networks.
Under the advisory, transfers from external bank accounts or e-wallets into affected Coins.ph peso wallets are rejected when routed through InstaPay or PESONet. The restriction covers incoming person-to-person transfers, incoming InstaPay QR credit transfers and DCPay’s participation in the InstaPay for Business pilot.
Coins.ph cash-ins are blocked while cash-outs work
The regulatory order did not remove DCPay’s ability to originate outgoing transfers. BitPinas reported that the BSP directive kept DCPay authorized to send funds from Coins.ph wallets to Philippine bank accounts and other e-wallets.
Coins.ph initially went further than the order itself. An update carried by BitPinas said the platform temporarily stopped all peso cash movements, including cash-outs, while it made technical or operational changes required to implement the restriction. The company expected outbound transfers to resume at 11 a.m. Philippine time on Sept. 30.
By Oct. 1, Coins.ph’s official status page shows regular cash-outs, InstaPay cash-outs and PESONet cash-outs as operational. Bank cash-ins remain restricted, with both InstaPay and PESONet cash-in services listed as under maintenance.
The active InstaPay cash-in notice remains labeled “Investigating” and dates back to Sept. 29 at 1 p.m. Philippine time. Coins.ph has not posted a resolution notice for that incident on its status page.
Other parts of the platform remain available. Coins.ph currently lists its mobile app, website, spot exchange, P2P transfers and major crypto network deposits and withdrawals as operational, apart from separate maintenance affecting individual networks.
Crypto trading is under a separate Coins.ph company
The restriction applies to DCPay Philippines, the entity that handles Coins.ph’s electronic-money and peso payment operations. BSP records identify DCPay as a non-bank electronic money issuer and as an InstaPay participant.
Crypto services operate through a different legal entity. The BSP’s latest public VASP list, dated May 31, 2026, lists Betur Inc., doing business as Coins.ph, as an active non-bank virtual asset service provider.
BitPinas reported that Betur handles crypto trading, digital-asset wallets and custody, meaning the BSP action against DCPay does not directly suspend the VASP license. The practical link remains the peso wallet because customers using affected bank transfers cannot use those rails to add funds before buying crypto.
Crypto deposits and withdrawals remain available across major blockchain networks. Coins.ph’s status page currently lists Bitcoin, Ethereum, XRP, Tron, Solana, BNB Smart Chain and several other networks as operational.
The distinction between licenses has become increasingly relevant as Philippine regulators tighten supervision of digital-asset businesses. In recent coverage of stricter BSP rules for virtual assets, crypto.news reported that VASPs must conduct stronger screening of listed assets and maintain ongoing monitoring and delisting procedures.
QRPh merchant payments remain available
The BSP order leaves DCPay’s person-to-merchant QRPh participation intact, according to the PPMI advisory reported by BitPinas. Customers can therefore use existing balances to make payments at QRPh-enabled merchants even while affected inbound bank transfers remain unavailable.
Coins.ph launched QRPh stablecoin payments earlier in 2026, allowing customers to pay with pesos, USDT or USDC at checkout. At launch, the company said the service could reach nearly 700,000 QRPh-enabled merchants in the Philippines.
The platform later extended its crypto payment options to assets including Bitcoin and Ethereum, according to BitPinas. Crypto is converted into pesos during the payment process, while the merchant receives payment through the national QRPh system.
The current restriction therefore separates receiving money from paying merchants. A user cannot receive an affected inbound InstaPay or PESONet credit into DCPay, but funds already held in the wallet can still be used for eligible merchant payments under the terms described in the advisory.
BSP has not given a public end date for the restriction
The PPMI advisory cited by BitPinas does not state when DCPay’s inbound access will return. It identifies the affected payment services and directs financial institutions to apply the restriction immediately, but the report did not provide a public explanation for the Monetary Board’s decision.
No separate explanation for Resolution No. 839 was visible in the BSP public materials reviewed for this report. Coins.ph’s live service page continues to show the affected cash-in channels under maintenance, while outbound InstaPay and PESONet transfers are operational.
The action comes during a period of tighter BSP scrutiny of payment systems connected with crypto businesses. In September, the central bank proposed a 12-month pause on new operator-of-payment-system registrations while reviewing the framework and proposed extra controls for payment arrangements involving VASPs. Crypto.news previously reported the proposed payment registration freeze.
BSP records show DCPay was still registered as an operator of a payment system as of April 10, 2026, under the Coins.ph business name, while separate official lists identify it as an electronic money issuer and participant in national payment rails.
As of Oct. 1, Coins.ph’s status page continues to classify InstaPay and PESONet cash-ins as under maintenance while showing InstaPay cash-out, PESONet cash-out, spot trading and the main cryptocurrency transfer services as operational.
