Coins.ph Users Face App Lockout as Central Bank Intervenes
Philippine crypto platform Coins.ph assures users their funds are secure while working to restore services following central bank intervention.
Coins.ph Users Face App Lockout as Central Bank Intervenes
Philippine crypto platform Coins.ph assures users their funds are secure while working to restore services following central bank intervention.
Coins.ph Users Face App Lockout Amid Regulatory Scrutiny
Philippine cryptocurrency platform Coins.ph has assured customers that their funds remain safe while the company works to restore affected services following intervention by the Bangko Sentral ng Pilipinas (BSP). According to a statement issued on Oct. 14, the platform addressed user concerns regarding app lockouts and service disruptions.
The regulatory response follows news reports regarding offshore gaming transactions and ongoing engagement between the exchange and the Philippine central bank. Coins.ph stated that it maintains strict controls to prevent offshore gaming and gambling operators from using its platform, emphasizing its commitment to serving legitimate and compliant businesses.
Central Bank Directs Internal Control Enhancements
A separate company advisory on internal controls revealed that the BSP directed Coins.ph to introduce specific enhancements. The platform confirmed it is actively working with the central bank to meet all regulatory requirements within the timelines set by the authority.
While Coins.ph describes itself as a regulated and licensed institution operating under BSP oversight, the company has not yet provided a specific calendar date for the full return of affected services. The Oct. 14 statement indicated that full restoration is expected soon, with further updates to be shared through official channels as progress is made.
About The Author
