Crypto Scams in the Philippines
How crypto fraud targets Filipino residents — from fake play-to-earn schemes to pig-butchering operations — and where to report to the BSP and NBI.
Part of: Crypto Scams
Last reviewed: 1 June 2026
The Philippines has one of the highest rates of crypto adoption in Southeast Asia, driven by remittance use cases and play-to-earn gaming. Scammers have exploited this enthusiasm with a range of crypto fraud schemes tailored to Filipino contexts — including fake play-to-earn platforms, fraudulent crypto 'remittance' services, and pig-butchering romance scams that often originate in scam compounds elsewhere in the region.
This guide covers how these scams operate in the Philippine context and the local reporting infrastructure available to victims.
How this scam works on Philippines
Play-to-earn fraud involves fake clones of legitimate gaming platforms (such as lookalike versions of Axie Infinity or similar) that require an upfront crypto deposit to begin earning. The platform shows accumulating rewards that can never actually be withdrawn. Victims may invest significant funds believing they are participating in a real game economy.
Crypto 'remittance' scams offer Filipino overseas workers and their families an apparently better exchange rate for sending money home via crypto. The operation collects the crypto, provides a fake confirmation, and never delivers the peso equivalent to the recipient. Pig-butchering scams add a romantic grooming element, with the eventual investment platform being entirely fraudulent.
Common red flags
- Play-to-earn platform requiring a crypto deposit before any earnings can be generated
- Earnings displayed on a platform that cannot be withdrawn or require additional deposits to unlock
- Remittance service offering exchange rates significantly better than banks or authorised remitters
- Investment pitch from an online contact who moves conversation to a specific crypto trading app
- Platform not registered with the Bangko Sentral ng Pilipinas (BSP) as a virtual asset service provider
How to protect yourself
- Check the BSP registry of authorised virtual asset service providers before using any crypto platform
- Use only BSP-registered exchanges for crypto transactions
- For remittances, use BSP-licensed remittance operators rather than unlicensed crypto services
- Verify play-to-earn platforms through independent community reviews before investing
- Screenshot all transactions and platform screens for use in a complaint
How to report it
- File a complaint with the National Bureau of Investigation (NBI) Cybercrime Division at nbi.gov.ph
- Report to the Bangko Sentral ng Pilipinas (BSP) Financial Consumer Protection at [email protected]
- Lodge a report with the Philippine National Police Anti-Cybercrime Group (PNP-ACG)
Frequently asked questions
Are play-to-earn crypto games always scams?
Not always, but many fake platforms impersonate legitimate games or create entirely new fake games. Before investing, verify the smart contract addresses, check the project's official social channels, and consult independent reviews. Any platform requiring an upfront deposit before earning anything should be treated with extreme caution.