Coins.ph users face app lockout as central bank intervenes

Philippine crypto platform Coins.ph said users’ funds were safe and that it was working to restore affected services in an Oct. 14 statement.The response follows news reports about offshore gaming transactions and the company’s engagement with the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank.A separate, undated company advisory on internal controls 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.Coins.ph’s 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.In the statement accompanying the X post, 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.On licensing, the company described itself as a regulated and licensed platform, adding on the statement:“Our users’ funds are safe; we continu...