Cryptocurrency wallet operator Coins.ph said it expects to restore cash-in services soon after the Bangko Sentral ng Pilipinas (BSP) suspended incoming fund transfers to its operator, DCPay Philippines Inc., through InstaPay and PESONet.
The restriction, imposed under Monetary Board Resolution No. 839, prevents users from receiving funds from external banks and e-wallets, including GCash and Maya, according to an advisory issued by Philippine Payments Management Inc. to financial institutions.
Personal QR code transfers and DCPay’s inbound processing through InstaPay for Business have also been suspended.
“Our users’ funds are safe; we continue to operate as a BSP licensed institution. We expect to fully restore affected services soon and will share updates through our official channels,” Coins.ph said in a statement.
Cash-outs, QR Ph payments, bill payments and cryptocurrency trading remain available to existing customers, the company said.
Coins.ph said it was strengthening compliance and internal controls while working with regulators to address the restrictions.
The company also rejected suggestions that it facilitates offshore gaming transactions, saying it maintains strict controls to keep gambling operators off its platform.
“Coins.ph is committed to serving only legitimate, compliant businesses and maintains strict controls to keep offshore gaming and gambling operators off its platform,” it said.
