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.

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