Is Coins.ph profitable?

Coins.ph is privately held and discloses no audited financials. Revenue figures of $40.3M and $63M circulate only from aggregator sites like Getlatka with no primary confirmation, so profitability cannot be verified as of mid-2026.

Who owns Coins.ph now?

Coins.ph is owned by former Binance CFO Wei Zhou, who bought it from GoTo/Gojek in April 2022 for roughly $200 million, backed by Joffre Capital. Zhou serves as CEO and Chairman as of 2026.

Who is Coins.ph's biggest competitor?

GCash, the Philippines' dominant super-app, is the biggest threat: it already ships crypto access via its GCrypto/PDAX partnership and has roughly 10x greater mainstream distribution than Coins.ph, as described by DataWallet on 2026-07-03.

Could AI replace Coins.ph?

Not easily: Coins.ph holds BSP Virtual Asset Service Provider and Electronic Money Issuer licenses inside a market frozen to new VASP entrants since September 2022, a regulatory moat no AI-native competitor can replicate without the same licensing and banking rails.

Has Coins.ph raised new funding recently?

No. Coins.ph's last disclosed funding was a $30 million Series C led by Ribbit Capital in May 2022, valuing it near $190 to 200 million. No new round has been publicly disclosed as of mid-2026, per Caplight data from 2025-09-24.

How many users does Coins.ph have?

Coins.ph and third-party trackers cite 16 to 18 million verified or registered users as of late 2025 into 2026, though one partnership announcement separately cited 'over 5 million verified users,' showing inconsistency across sources.

Payments companies · Philippines

Coins.ph

coins.ph ↗

Philippine crypto exchange and e-wallet licensed by the central bank.

Losing its protection

Assessed 26 July 2026 · Evidence as of 26 July 2026

The structural protection is eroding.

On the recordSince 26 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: BSP review of the VASP licensing moratorium

The call

Coins.ph sits inside a locked regulatory gate that keeps new crypto rivals out, while the country's biggest wallet already ships crypto to a far larger audience.

Coins.ph lets Filipinos buy, sell, and send cryptocurrency and stablecoins, and claims 16 to 18 million users sending $500 million per month. The company has a Philippine government license that is hard to get right now because the country froze new approvals until 2026, which should protect it. However, GCash, which is the Philippines' biggest money app with roughly ten times more users, already offers crypto through a partnership and can reach far more people without needing a special license. The company's reported growth numbers are not audited or confirmed by outside sources, and it has not raised new funding in four years. The bigger risk is that GCash could start offering the same stablecoin payments and remittance features that Coins.ph uses to stand out, which would wipe out the main reason someone would pick Coins.ph instead.

Why

AI pressure: None apparent. No AI agent or lab is displacing Philippine crypto exchanges yet; the pressure here comes from a domestic super-app, not a model. Could AI do the core job? Unlikely.

Bigger players: GCash via its GCrypto/PDAX partnership. GCash already offers crypto buying inside its app to tens of millions of users, dwarfing Coins.ph's distribution reach. Could a giant copy it? Probably.

What protects it. A BSP virtual-asset license inside a market frozen to new entrants since 2022 keeps fresh rivals like Binance and OKX locked out.

What would change this call

GCash/PDAX launches stablecoin remittance or merchant-pay features at scale. Would show GCash closing Coins.ph's product lead using superior distribution.
Coins.ph announces a new funding round or continues to disclose none through 2026. Tests whether investors still value the company beyond the flat 2022 mark.
BSP extends, shortens, or lifts the VASP licensing moratorium. Would show whether Coins.ph's regulatory moat stays protected or opens to new entrants.

Key numbers

QRPh stablecoin payments hit nearly ₱30B in one month (2025-12-31)
VASP moratorium has blocked new licenses since Sept 2022 (2026-06-14)
Last disclosed raise: $30M Series C from Ribbit Capital (2022-05-23)

Named risks

GCash/PDAX's vastly larger super-app distribution already ships competing crypto access. Severity: high
CEO Wei Zhou named in CZ's memoir over alleged regulatory interference, threatens BSP relationship. Severity: high
No new funding disclosed since May 2022, valuation flat and momentum flagged as quiet in 2025. Severity: medium
BSP could lift the VASP moratorium, allowing Binance, OKX and others back domestically. Severity: medium
New BSP compliance rules from June 2026 raise ongoing regulatory and screening burden. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
GCash	losing to	GCash ships crypto via GCrypto/PDAX with far larger distribution, as of 2026-07-03
PDAX	contesting	PDAX powers GCash's crypto access and leads tokenized finance push, 2026-07-25
Binance, Bybit, OKX and other foreign exchanges	gaining on	SEC ordered ISP blocking of unregistered foreign exchanges starting 2025-08-31
UnionBank	contesting	First PH bank with BSP VASP approval, launched in-app crypto buy/sell in 2025
Maya and BloomX	contesting	Other BSP-licensed domestic VASPs operating inside the same regulatory wall

Questions people ask

Is Coins.ph profitable?: Coins.ph is privately held and discloses no audited financials. Revenue figures of $40.3M and $63M circulate only from aggregator sites like Getlatka with no primary confirmation, so profitability cannot be verified as of mid-2026.
Who owns Coins.ph now?: Coins.ph is owned by former Binance CFO Wei Zhou, who bought it from GoTo/Gojek in April 2022 for roughly $200 million, backed by Joffre Capital. Zhou serves as CEO and Chairman as of 2026.
Who is Coins.ph's biggest competitor?: GCash, the Philippines' dominant super-app, is the biggest threat: it already ships crypto access via its GCrypto/PDAX partnership and has roughly 10x greater mainstream distribution than Coins.ph, as described by DataWallet on 2026-07-03.
Could AI replace Coins.ph?: Not easily: Coins.ph holds BSP Virtual Asset Service Provider and Electronic Money Issuer licenses inside a market frozen to new VASP entrants since September 2022, a regulatory moat no AI-native competitor can replicate without the same licensing and banking rails.
Has Coins.ph raised new funding recently?: No. Coins.ph's last disclosed funding was a $30 million Series C led by Ribbit Capital in May 2022, valuing it near $190 to 200 million. No new round has been publicly disclosed as of mid-2026, per Caplight data from 2025-09-24.
How many users does Coins.ph have?: Coins.ph and third-party trackers cite 16 to 18 million verified or registered users as of late 2025 into 2026, though one partnership announcement separately cited 'over 5 million verified users,' showing inconsistency across sources.

Timeline

2026-06-05BSP Memorandum M-2026-023 bans privacy tokens, adds VASP screening obligations
2026-04-21Coins.ph launches QRPh stablecoin payments across ~700,000 merchants
2026-04-14CZ's memoir names CEO Wei Zhou in alleged regulatory interference claims
2025-11-30Monthly spot trading volume hits ~$500M, up 327% year on year
2025-08-31SEC orders ISP blocking of Binance, Bybit, OKX and other unregistered exchanges
2022-09BSP begins VASP licensing moratorium, freezing new entrants
2022-05-23Coins.ph raises $30M Series C led by Ribbit Capital
2022-04-11Wei Zhou and Joffre Capital acquire Coins.ph from GoTo for ~$200M
2019-01Gojek acquires majority stake in Coins.ph for ~$72M
2014Coins.ph founded in the Philippines

Revision history

26 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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