{"id":572338,"date":"2026-10-14T23:30:33","date_gmt":"2026-10-14T22:30:33","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=572338"},"modified":"2026-10-16T17:36:12","modified_gmt":"2026-10-16T16:36:12","slug":"coins-ph-users-face-app-lockout-as-central-bank-intervenes","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/coins-ph-users-face-app-lockout-as-central-bank-intervenes\/","title":{"rendered":"Coins.ph users face funding issues as central bank intervenes"},"content":{"rendered":"<p>Philippine crypto platform Coins.ph said users\u2019 funds were safe and that it was working to restore affected services in an Oct. 14 statement.<\/p>\n<p>The response follows news <a href=\"https:\/\/x.com\/coinsph\/status\/2110349941830819990\">reports about offshore gaming<\/a> transactions and the company\u2019s engagement with the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank.<\/p>\n<p>A separate, undated <a href=\"https:\/\/www.coins.ph\/en-ph\/blog\/user-advisory-php-cash-in-services-unavailable-2\">company advisory on internal controls<\/a> said the BSP directed Coins.ph to introduce enhancements to those controls. Coins.ph said it is working with the central bank to meet requirements within the regulator-set timelines.<\/p>\n<p>Coins.ph\u2019s assurances come as it acknowledges that it still needs to restore affected services. For customers, the message addresses the status of their funds and its operational plans in the same response. The return of those services remains expected, with details to follow.<\/p>\n<p>In the <a href=\"https:\/\/www.coins.ph\/en-ph\/blog\/official-statement-from-coins-ph\">statement accompanying the X post<\/a>, Coins.ph said it maintains strict controls to keep offshore gaming and gambling operators off its platform. It noted that it is committed to serving only legitimate, compliant businesses.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/americans-lost-hundreds-of-billions-on-speculation-why-is-only-some-of-it-considered-gambling\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Americans lost hundreds of billions on crypto speculation. Why is only some of it considered gambling?<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>On licensing, the company described itself as a regulated and licensed platform, adding on the statement:<\/p>\n<blockquote><p>\u201cOur users\u2019 funds are safe; we continue to operate as a BSP-licensed institution.\u201d<\/p><\/blockquote>\n<p>The company asserts that it remains licensed while assuring customers their money is safe.<\/p>\n<p>Coins.ph also said it continues to strengthen compliance and control functions and works closely with regulators to enhance its operations. Separately, the advisory said it is working to meet the BSP\u2019s requirements, without giving a completion date.<\/p>\n<p>The Oct. 14 statement expects full restoration \u201csoon,\u201d but does not identify the affected services, say when the disruption began, or provide a calendar date for their return. For users awaiting those services, it leaves the restoration timetable unspecified.<\/p>\n<p>Coins.ph said it will share further updates through official channels and asks users to follow them. The separate advisory promises updates as services are restored. Those updates are where the company says it will report progress, following its current reassurance about funds and its stated expectation of a return to full service.<\/p>\n<p>[Update]<em> A statement from Coins.ph sent to CryptoSlate on Oct. 16, 2026, states:<\/em><\/p>\n<blockquote><p>Coins.ph users are not locked out of the app. The BSP directive only affects cash-ins to our e-wallet operator, DCPay Philippines, through InstaPay and PESONet. Users continue to access the app, trade crypto, cash out, pay bills and make QR Ph payments.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Its October 14 response emphasizes controls to exclude offshore gambling operators and says it continues as a BSP-licensed institution.<\/p>\n","protected":false},"author":1264,"featured_media":572361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,77968,77494,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coins.ph users face funding issues as central bank intervenes<\/title>\n<meta name=\"description\" content=\"Coins.ph says funds are safe as it works to restore affected services, citing continued licensing and gambling controls without giving a return date.\" \/>\n<meta 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