Coins.ph has temporarily halted incoming Philippine peso top-ups after the Bangko Sentral ng Pilipinas directed its operating entity, DCPay Philippines Inc., to strengthen internal controls.
The suspension covers key local payment rails used for wallet funding, but the company said other core services remain available while it works with the central bank on the required changes.
Inbound transfer channels are unavailable
Following the BSP directive, Coins.ph users can no longer cash in or receive funds through InstaPay, PESONet, or incoming QRPh collection services for the time being.
The restriction applies to inbound transfers coming from external commercial banks, digital banks, and e-wallets connected to the Philippine payments network. In practical terms, fresh peso deposits into Coins.ph through those channels are currently blocked.
Most wallet functions remain active
Coins.ph said the suspension is limited to inbound PHP cash-in services and does not extend to several other wallet functions. Users can still send funds out to external banks and e-wallets, and merchant QRPh payments for in-store transactions are still working.
Bill payments also remain available, according to the company. Coins.ph added that cryptocurrency trading functions, including buying, selling, and holding digital assets, continue to operate normally for users with existing balances.
Company says balances remain safe
In its advisory, Coins.ph said customer balances and wallet funds remain safe and are held in line with BSP regulatory standards.
The company also clarified that its crypto services under Betur Inc. are continuing without interruption. Even so, users who want to buy crypto using newly deposited fiat funds will need to wait until local bank cash-in options are restored, or use funds that are already in their accounts.
Next step is restoration of cash-in methods
Coins.ph said it is working closely with the BSP to complete the required internal control enhancements within the regulator’s timeline.
The company said further notices will be posted on its official advisory page as each cash-in channel becomes available again. For now, the confirmed change is the temporary suspension of inbound peso transfers, while outbound payments and other listed services remain online.
Source: bitpinas.com