[WARNING!] For gamblers using coins.ph

[hahay]

Wow that's a really enforced rule, because basically gambling in my country is also prohibited but I hardly get any problems like that. But with a warning message like that at least gamblers are still safe, imagine if the warning message didn't exist and you made a delivery and your coins could just disappear without you ever receiving it. By the way, thank you for informing me about the incident because I also used their service in the past.

[qwertyup23]

This is a very informative post- thank you very much for posting this as a warning.

I have a question, what if the proceeds of the gambling websites would be transferred to our respective coins.ph wallets, will the transaction be marked/regulated by the BSP as well which has the potential to be taxable? In all honesty, it is about time that the BSP intervenes as it is mandated by the law as a prohibited activity. Though there may be ways on how to circumvent this, I still highly advise users to avoid it risk of getting caught in the future.

[Fesatmas]

I don't use coin.ph because I'm not a Filipino citizen. But your information is very useful for them to be more careful and pay attention to some updates that are often not known to the public. This may result in a lockout, which the user may not be fully aware of.

Regarding the use of custodial wallets, there are other alternatives that can be used by gamblers, as many have suggested that Mixer can be temporarily transferred for quick transactions.

[Cling18]

I'm a regular user of Coins.ph but that sounds new to me. So far I haven't tried transacting from coins to a gambling site but this is a good warning. They just recently asked for additional KYC and I guess the government is monitoring crypto users and gamblers in our country. We should be careful in transacting using this app because we all know how the local government wants to tax the crypto users in their own ways.

[rhomelmabini]

I think this need to be moved on our local board to create more awareness there but it's relevant as well here, maybe make a new thread if this one isn't moved. Luckily not into gambling transactions anymore that frequently but even before that I do it even on weekly or biweekly basis I try to avoid this silly mistake as I know my account will be at risk I try to do so.

What I did way back was sending the coins to a mixer or to an exchange before proceeding to the actual gambling site or my own address, it's way more safe. Not that a regular user of coins.ph these days and I think they really are now into strict regulations, not a bad thing that they make it a prompt before a user does.

[madnessteat]

Before you use a particular service, you should not only familiarize yourself with the rules of the service, but also to comply with the laws of the country as sooner or later because of illegal activities can get into trouble.

In addition, the issue of blocking an account at coins.ph in connection with the use of addresses of gambling sites has already been discussed on the forum in 2018.

[RapTarX]

The BSP is already monitoring us, and if we submit the information and put a gambling site as a recipient, we might be sanction as gambling is illegal in our country and it's part of the TOS of the coins.ph that sending coins to a gambling platform is prohibited.

Is gambling illegal in Filipinos? I thought it was legal in there LOL. If coins.ph doesn’t allow payments to gambling sites, you have lot of alternatives. Just move the fund to non custodial wallet (coins.ph is a custodial one, right) and it will not have any direct connection. Apart from that, I don’t see any reason why anyone would be using a centralize custodial wallet for having their private activities.

[UmerIdrees]

Wow that's a really enforced rule, because basically gambling in my country is also prohibited but I hardly get any problems like that. But with a warning message like that at least gamblers are still safe, imagine if the warning message didn't exist and you made a delivery and your coins could just disappear without you ever receiving it. By the way, thank you for informing me about the incident because I also used their service in the past.

Back in the days, when i used XAPO wallet, they also had in their terms and conditions that funds from gambling sites are prohibited and if they caught, they could ban the account. But in reality they never ban the account. I am surprised to see that coins.ph recognizes the gambling wallet and issues the warning.
I think OP should be careful next time else he may lose his funds.

[electronicash]

The BSP is already monitoring us, and if we submit the information and put a gambling site as a recipient, we might be sanction as gambling is illegal in our country and it's part of the TOS of the coins.ph that sending coins to a gambling platform is prohibited.

Is gambling illegal in Filipinos? I thought it was legal in there LOL. If coins.ph doesn’t allow payments to gambling sites, you have lot of alternatives. Just move the fund to non custodial wallet (coins.ph is a custodial one, right) and it will not have any direct connection. Apart from that, I don’t see any reason why anyone would be using a centralize custodial wallet for having their private activities.

not illegal at all. we have casinos in major cities.

if you lost your wallet due to sending or receiving funds from casinos, will there be a chance to get it back or will it be easier for us to just create a new one and verify it again? i have sent coins directly from casino but i didn't really get the warning message at all. probably because they are just a small amount.

[Johnyz]

This has been the rule with coinsph ever since, and I’m not using that platform for this mind of activities anymore because there’s a high chance that your account will be freeze if ever. If I’m withdrawing my funds, I go directly on metamask or electrum because CEX are also strict with the gambling money, they also have a warning like this especially on Binance.

[Desmong]

I think the warning is good for those that uses coin.ph especially from countries that strictly ban the use of gambling site or gambling activities. It's better to be warned than to ignorantly lose money due to lack of awareness. This will alert gamblers who might attempt using the platform for gambling transaction from losing their money. I don't use coin.ph so I have nothing to worry about and I also don't intend  using it in the future.

[Oceat]

-snip-
I am surprised to see that coins.ph recognizes the gambling wallet and issues the warning.
I think OP should be careful next time else he may lose his funds.

I don't know how to call this but it seems that they monitor every gambling sites or maybe they just list all of the gambling sites addresses and put it on a blacklist. Well, they had an account here so it's possible that they monitor most of the gambling sites here and put those addresses but with all of these new gambling sites popping almost everyday, they must have a hardworking person on their office. lol

Anyway, this is the risk of using a custodial wallet so if any person wants to use some custodial wallet they should read the ToS first and understand because once your account is locked while there's a fund on it, there's no turning back I guess.

[Hypnosis00]

I'm sure with that kind of prompt and anyone who is aware that gambling using the coins.ph is illegal will never proceed, it's a prevention not to be in serious trouble in the future, therefore what OP shared is very useful, anyone who put a gambling platform as the recipient has no idea about the law pertaining to this and therefore not aware of the consequences.

[cafucafucafu]

Thanks for the warning.

Coins.ph is one of the biggest wallets/exchanges and just goes to show how dangerous all hosted wallets can be.

Use something like Electrum, it's just as easy to use but you retain all ownership of the private keys. Much safer and you won't be subject to the scrutiny and prying eyes of the government when it comes to your gambling pastime.

[blockman]

Thanks for the warning.

Coins.ph is one of the biggest wallets/exchanges and just goes to show how dangerous all hosted wallets can be.

Use something like Electrum, it's just as easy to use but you retain all ownership of the private keys. Much safer and you won't be subject to the scrutiny and prying eyes of the government when it comes to your gambling pastime.

For bitcoin transactions, yes, it's always good to go with wallets like Electrum and if your balance is on the exchange, you have to make it through Electrum just to avoid sending directly from any exchange. They've become stricter this time due to the regulations that are happening.

I'm sure with that kind of prompt and anyone who is aware that gambling using the coins.ph is illegal will never proceed, it's a prevention not to be in serious trouble in the future, therefore what OP shared is very useful, anyone who put a gambling platform as the recipient has no idea about the law pertaining to this and therefore not aware of the consequences.

Yes, and that's not just for gambling but on the user agreement, there are many types of transactions that are prohibited to happen if you are transacting with the use of their wallet. Some users might not be aware of those and they keep proceeding until they've been flagged by coins.

[aioc]

They are fully aware of the existence of online Cryptocurrency gambling and they are fully aware of money laundering and Coins.ph is fully compliant with the government of the Philippines if you are a Coins.ph user you should be aware of all their rules they are very strict on their users and they always monitor their users and where the funds are coming, users know that before they got approved they are interviewed via call, I still remember the first interview, I have to give a good answers and make sure I am fully aware of their rules.

[milewilda]

Prohibited Uses include transactions or activities related to:
(c) Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;

Its been long time that this is included into their terms but it turns out that this is the only time that they are really implementing this one strictly because they do need something to stop those transactions since
Coins.ph is heavily regulated then its just normal that they would really be following those rules and regulations too by the government if they dont like any possible problems or violations just because they
had let their users do get involved with gambling but as far as i know that gambling isnt really that banned in Philippines which do really make out some questions in mind.

[bisdak40]

The BSP is already monitoring us, and if we submit the information and put a gambling site as a recipient, we might be sanction as gambling is illegal in our country and it's part of the TOS of the coins.ph that sending coins to a gambling platform is prohibited.

Is gambling illegal in Filipinos? I thought it was legal in there LOL. If coins.ph doesn’t allow payments to gambling sites, you have lot of alternatives. Just move the fund to non custodial wallet (coins.ph is a custodial one, right) and it will not have any direct connection. Apart from that, I don’t see any reason why anyone would be using a centralize custodial wallet for having their private activities.

Gambling in the Philippines is not illegal only some gambling platforms don't pay taxes to the government thus they became illegal. Coins.ph AFAIK is a custodial wallet and the reason why they are not allowing users to send money via their platform to online bookies is to protect their business from money launderers and besides some of the online crypto bookies are illegal and they don't want their name to be engaged to them.

Some users directly send their coins to save on transaction fees as there are networks whose tx fees are insane.

[fortunecrypto]

Prohibited Uses include transactions or activities related to:
(c) Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;

Its been long time that this is included into their terms but it turns out that this is the only time that they are really implementing this one strictly because they do need something to stop those transactions since
Coins.ph is heavily regulated then its just normal that they would really be following those rules and regulations too by the government if they dont like any possible problems or violations just because they
had let their users do get involved with gambling but as far as i know that gambling isnt really that banned in Philippines which do really make out some questions in mind.

They are not banned but they don't want their exchange associated with activities where it involves addiction and we all know that players are prone to addiction to gaming and gambling, yes they become very strict and they restrict so many of their users since they become the number one Cryptocurrency exchange in the Philippines, it's almost impossible to get into level 4 of your account they even ask for Central government bank certificate so my advice is to limit transacting and use other exchange

[dunfida]

Thanks for the warning.

Coins.ph is one of the biggest wallets/exchanges and just goes to show how dangerous all hosted wallets can be.

Use something like Electrum, it's just as easy to use but you retain all ownership of the private keys. Much safer and you won't be subject to the scrutiny and prying eyes of the government when it comes to your gambling pastime.

We cant really deny the usefulness of local wallet providers and this is why it isnt surprising that there are really users who do really use up this platform and considering on how many Pinoys are in crypto
and they are the only local wallet provider then they are really that big and trustable enough.

Speaking of the issue then it would be better if you wont be sending out directly to a gambling site but rather go to transfer in non custodial wallets and then make out some transfer again.

Fees isnt an issue, weve been staying for 1sat/byte for a while now which it isnt really a problem if you do talk about fees.