Coins.ph, a major player in the Philippine cryptocurrency market, is reportedly facing scrutiny from the Bangko Sentral ng Pilipinas (BSP) over allegations that it facilitated transactions for restricted offshore gambling operators. This situation raises concerns about the potential impact on its operational license, especially after the BSP restricted certain peso transfers. For more details, check the tweet from WuBlockchain.
The regulatory scrutiny comes as the broader crypto market continues to show mixed signals. Coins.ph, which boasts over 18 million registered users, must navigate these challenges carefully. The BSP’s recent restrictions on peso transfers to Coins.ph’s e-wallet operator, DCPay Philippines, further complicate the exchange’s operational landscape. The departure of several senior compliance executives adds to the uncertainty surrounding the exchange’s future.
Currently, there are no reported trading volumes for Coins.ph, indicating a potential halt in activity amid the ongoing regulatory investigation. The lack of trading volume reflects market caution as traders await clarity on the regulatory landscape. The uncertainty surrounding the exchange could lead to wider implications for other crypto platforms operating in the Philippines, especially with the central bank’s increasing oversight.
Coins.ph operates as one of the largest cryptocurrency exchanges in the Philippines, providing services to millions of users. The Bangko Sentral ng Pilipinas oversees the regulatory framework for financial institutions in the country, including cryptocurrency exchanges, ensuring compliance with local laws and regulations.
Traders should watch for updates regarding the ongoing investigation into Coins.ph, as this could significantly impact user confidence and trading activity. The exit of compliance executives indicates potential internal challenges that may affect operations moving forward. Additionally, any further restrictions imposed by the BSP could reshape the landscape for cryptocurrency exchanges in the Philippines, making it crucial for stakeholders to monitor regulatory developments closely.
This article is for informational purposes only and does not constitute financial advice.
The post Coins.ph Faces Regulatory Scrutiny Over Alleged Gambling Links appeared first on Coinfomania.
Ethereum layer-2 network Starknet has launched a wallet privacy feature that lets users interact with decentralized finance (DeFi) apps without publicly linking activities to their main wallets. StarkWare, the team behind Starknet, said that its new Shadow Accounts feature creates separate, persistent addresses for individual applications. Users can fund the accounts using shielded balances held in the network’s STRK20 privacy pool. This allows them to maintain lending, trading or other DeFi positions under different onchain identities. The new privacy feature obscures the connection between the shadow account and the wallet funding it. However, balances, transactions and positions of these shadow accounts remain publicly visible onchain, according to Starknet. Once integrated into a DeFi application, the feature allows users to connect their wallets, switch from public to private mode and deposit assets into a vault. Their Shadow Accounts then maintain their positions until they withdraw funds back into a shielded balance. StarkWare said the functionality could eventually extend beyond vaults to liquidity provision, lending, borrowing, staking, derivatives trading, prediction markets and NFT marketplaces. The launch follows StarkWare’s broader blockchain privacy push. In June, the company introduced its STRK20 privacy framework, which allows private transfers and shielded token balances on Starknet. Later that month, StarkWare demonstrated a Private Know Your Customer system that enabled users to verify personal information without revealing their full identity documents.Related: StarkWare unveils Starknet quantum roadmap, says industry has no excuseCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
A 10.22 kg rock that sat on a Michigan farm for decades was confirmed in 2018 to be a Group IIIAB iron meteorite made of
New York Fed President John Williams said AI equipment supply could take more than two years to catch up with demand, which could add to inflationary pressure. Williams made the comments during an interview with Bloomberg on Tuesday, saying that the buildout of AI infrastructure is pushing up chip prices and goods that use them.Asked whether supply and demand within AI would become more balanced over the next two years, Williams said: “I think it’s going to take longer. Assuming the demand kind of impulse continues as expected, and that’s a big assumption.”William’s comments came as he reaffirmed his view that the US Federal Reserve may need to raise interest rates once more this year as it seeks to lower inflation. “I haven’t changed my view that it may be appropriate to have one more rate hike.”However, Williams said “we’ll have to see” about 2027, saying “I don’t think at this time I have any reason to believe that we would need to do more.” Meanwhile, Williams said he expects AI investment to stay strong even with higher rates. “I think investors there are relatively price insensitive,” he said. “They feel that this is a huge, going to lead to huge productivity gains, huge transformative changes in our economy, and I think that happens not completely invariant to interest rates, but I don’t expect monetary policy to be really having a deep effect on that.”Related: Anthropic strikes $9B compute deal with Bitcoin miner Riot: ReportAn AI equipment supply shortage could have an impact on Bitcoin miners expanding into the sector, as they compete for chips and power equipment. IREN signed $2.8 billion in new AI cloud contracts in July, while Cointelegraph reported on Monday that miners pursuing AI projects already face substantial financing requirements and increasingly selective lenders.Magazine: Capital starting to rotate back to crypto from AI: Raoul PalThis article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
The integration will let software pay for online services using XRP and RLUSD, while questions remain about how much real economic activity the transactions represent.
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