Heads up! Coins.ph 'Allegedly' Locking Accounts/Wallets

[acroman08]

napaka bad timing nang nangyari kay ate, may na mention ba kung bakit na freeze yung account niya? usually pag na freeze ang account sa isang service they usually include kung bakit na froze yung account ng customer.

Got interviewed a couple of times by coins.ph for some of my previous "old" transactions and they were asking for questions that are quite easy to answer. It's probably a big transaction or something related to that, that may have caused them to freeze the account.

If you comply with the right rules and know that you didn't do anything illegal, I think it's best to just take the interview.

P.S. Feeling ko concerned lang din sila sa mga possible money laundering things na may happen on their system or something, IDRK.

I too have been interviewed several times to reach the level 3 verification since it keeps going down to level 2(not sure why and I find it uncomfortable and weird). I've complained about it in the past and they just said that there must have been an "error" or "glitch". I have no problem giving my KYC to them since I actively use their service and I need to be at level 3 verification but it is becoming annoying.

[Asuspawer09]

Hindi ako sure kung nadedetect nila yung mga funds galing sa mga online crypto gambling casino, pero agree ako na nilolock nila ang ibang accounts na sa tingin nila ay kasuspesuspetsa. Kung tutuusin, para din naman sa atin yung ginawa nilang aksyon, isa itong paraan para malimitahan ang frauds at hindi magkaroon ng masamang imahe ang crypto sa ating bansa. We can use their services, meaning, we should also comply din sa TOS nila. BTW Nagustuhan ko talaga ang 0 fee cashout sa Gcash na feature ng coins, ang laking tulong lalo na ngayong pandemic.

I agree, mukang ung mayayaman lang ang nagkakaproblema madalas 

So far as long as verified ka sa coins.ph mukang open naman sila and madali mong maaayos ang issue as long as magcomply ka sa kanila  at maverified nila okey naman ang kakalabasan. Medjo sketchy nga lang dahil medjo wala nang privacy sa mga transactions pero mukangn ganun talaga dahil custodial wallet itong coins.ph.

[dothebeats]

They usually lock accounts na nagbreak sa ToS nila. Madalas sa mga natatamaan nito yung mga nakikipagtransact sa gambling sites using their coins.ph account. Kahit na gaano pa katanda ang transaction, if they found out na ginamit mo once ang coins.ph account mo sa ganitong mga services, they will send you an email asking for your time regarding an "interview" concerning that certain transaction. Usually it doesn't take too long para matapos yung interview kung alam mo yung mga transaction na ginawa mo. At isa pa, madalas din silang magtanong ng proof of funds mo kapag malakihan ang ginagalaw mo sa account mo. Kapag wala kang ipinakita, they will ask you to withdraw your funds since they will subject your account for review 'daw.'

[arielbit]

pag aralan ninyo ang mga alternative,

regarding sa cash in, sinubukan ko yung debit/credit card ng bittrex (3% processing fee) gamit ang union bank debit card (visa) ko, hindi nag work (baka mag work in the future), sa abra naman 2% processing fee ang 7-11 at abra teller...sa tingin ko competitive ang mga prices nito compared sa coins.ph "buy price"

kahit mas mura ng 1% ang abra kaysa bittrex, note that abra sells at arbitrage price too.

ang pinaka mura ay magdeposit sa procoins.asia pero habang lumalaki ang cash in lalong lumalaki ang slippage, halos walang laman ang procoins.asia.

cash out ko walang pang naging problema sa abra at sa bittrex wire transfer to usd bank accounk(BPI).

yung PDAX naman, maganda dahil may USDT hehe parang USD na rin yun, hindi ginagamit ni coins.ph yun (USDT) dahil patay ang "arbitrage business" hehe.inoobserbahan ko na itong PDAX, baka mag KYC na ako dun.

[lionheart78]

Just saw this on one of the Facebook groups I was in:

Can it be fake? Though there's no reason for someone to lie about such thing, of course may chance parin.

But legit or not, or whatever the reason kung bakit na-lock ung funds ng kakilala ng poster, wag nating kakalimutang ang Coins.ph ay isang custodial wallet, at since may control sila over sa funds natin sa Coins.ph, they have all the power to lock up our funds if they think they should.

Just a heads up. Have a great day and happy hodling!

Information on custodial vs non-custodial wallets: https://cryptosec.info/wallets/


EDIT: Just to be clear, I'm not trying to demonize Coins.ph here. They provide a good service, but some people just might not be comfortable with doing such interviews and answering questions concerning money.

This had been the practice of coins.ph.  I am one of those whose accounts were locked and they need me to provide needed documents para maunlock ang wallet.  Kapag nakita naman nilang walang problema, inaunlock naman nila. 

[mardaed]

I think nangyayari ito sa mga transactions na may involved na malaking pera, for security purposes na rin siguro to avoid anomalies under sa custody nila. In my case naman, wala pa naman nangyayari ganito since hindi ako nagwiwithdraw or cash in ng malaking pera all at once.