🚨 Central Bank Intervention Hits Coins.ph Exchange
The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has intervened in the operations of the crypto platform Coins.ph, leading to service disruptions and user lockouts.
The regulator directed the exchange to implement immediate enhancements to its internal controls. This move follows reports concerning offshore gaming and gambling transactions linked to the platform. Coins.ph stated it maintains strict controls to keep such operators off its system.
In an official statement on October 14, the company assured users that all funds remain safe and the platform continues to operate as a licensed institution.
While the company is working to meet the BSP requirements within set timelines, there is currently no specific date for the full restoration of all services.
#CoinsPH #Philippines #CryptoNews #BSP
The Philippine central bank, Bangko Sentral ng Pilipinas (BSP), has intervened in the operations of the crypto platform Coins.ph, leading to service disruptions and user lockouts.
The regulator directed the exchange to implement immediate enhancements to its internal controls. This move follows reports concerning offshore gaming and gambling transactions linked to the platform. Coins.ph stated it maintains strict controls to keep such operators off its system.
In an official statement on October 14, the company assured users that all funds remain safe and the platform continues to operate as a licensed institution.
While the company is working to meet the BSP requirements within set timelines, there is currently no specific date for the full restoration of all services.
#CoinsPH #Philippines #CryptoNews #BSP