- I just want to know how much time they usually give you between asking for source of funds info/documents and cutting off withdrawals.
Isn't it stated on the e-mail? Not sure if it was the same on Enhanced verification e-mail which states : "
Kindly complete the step within 7 business days from receiving this message to continue using your account without interruption."
I assume, when you did not complete it within that span of time, your limits would either go down 1 level or completely become 0 and will be back only once you comply.
- I don't have a bank account nor do I get statements from my employer. I do get paid in PayPal sometimes, but that's irrelevant to Coins. I do generate invoices for one of my clients.
When you are asked to provide proof for source of funds, it doesn't matter if it was crypto related or not. Check this out:
Why do I have to show my source of funds?. They accept payslips, so maybe they'll accept invoice.
The whole "source of funds" thing seems dumb though. PayPal or any bank account I've ever had never asked me about my source of funds -- why would it matter for cryptocurrency. Oh well, I don't make the rules.
It's not really because of crypto, but Fiat. Banks and Coins.ph are both regulated by Bangko Sentral ng Pilipinas. The reason why they need the "source of funds" proof is because of
Anti-Money Laundering Act.
I heard that some exchanges lock users account and ask for proof of founds when they receive transactions from dark markets, is Coins.ph tracking dark market wallets?
Better read their TOS to know all prohibited transaction or activities:
https://site.coins.ph/user-agreement