Crypto wallet Coins.ph said customer funds remain safe after the Bangko Sentral ng Pilipinas (BSP) restricted incoming peso transfers to DCPay Philippines Inc., which handles the platform’s electronic money services.
“Customer funds remain safe in accordance with BSP requirements,” Coins.ph said in an advisory.
The BSP has directed Coins.ph to strengthen its internal controls, the company said, without specifying what changes were required.
“The Bangko Sentral ng Pilipinas (BSP) has directed Coins.ph to introduce enhancements to our internal controls,” Coins.ph said.
The restrictions block incoming transfers to DCPay through InstaPay and PESONet under Monetary Board Resolution No. 839, according to an advisory Philippine Payments Management Inc. sent to financial institutions.
Coins.ph users are unable to cash in through the two payment networks from external banks and e-wallets, including GCash and Maya. Personal QR transfers and DCPay’s inbound processing through InstaPay for Business are also affected.
Coins.ph said PHP cash-ins through InstaPay and PESONet and QRPH collection services are temporarily unavailable.
Existing customers can continue to use cash-outs, QRPH payments, bill payments and cryptocurrency trading, it said.
“As a BSP-regulated entity, we are working closely with the BSP to complete all requirements within the timelines it has set, and we will post updates on this page as services are restored,” Coins.ph said.
Coins.ph operates through separately licensed entities. DCPay holds a BSP electronic money issuer license and provides peso wallet services under the Coins.ph brand, while Betur Inc. handles virtual asset services.
The BSP restriction targets DCPay’s inbound peso transfers and does not directly cover Betur’s cryptocurrency operations. Customers who rely on bank transfers to fund cryptocurrency purchases, however, are affected by the cash-in restrictions.
