Philippine crypto platform Coins.ph confirmed on October 14 that user funds remain secure while it works to restore services affected by regulatory action.
The announcement follows reports concerning offshore gaming transactions and the company’s engagement with the Bangko Sentral ng Pilipinas (BSP), the country’s central bank. According to a separate internal controls advisory, the BSP directed Coins.ph to implement enhancements to its control framework. The company stated it is collaborating with the regulator to satisfy these requirements within the prescribed timelines.
While acknowledging that impacted services have yet to be fully restored, Coins.ph emphasized its commitment to maintaining strict controls that prevent offshore gaming and gambling operators from accessing its platform. The firm reiterated that it serves only legitimate, compliant businesses.
“Our users’ funds are safe; we continue to operate as a BSP-licensed institution.”
Coins.ph affirmed its licensed status and pledged to continue strengthening compliance and control functions in close coordination with regulators. The advisory did not specify a completion date for the mandated enhancements.
The October 14 statement indicated full restoration would occur “soon,” though it did not identify the specific services affected, disclose when the disruption began, or provide a concrete target date for resolution. The company said it will publish further updates through official channels and urged users to monitor those sources for progress reports.
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