In light of the recent crypto developments, we believe it is important to provide clarity to our users.
We would like to clarify that Coins remains fully operational and our customers are not in any way compromised by the danger of liquidity or credit risk. We do not list the FTT token and we’re not in any way affected by the FTX insolvency.
At Coins, we do not facilitate any leverage trading and we require all trades to be pre-funded, eliminating the risk for our users in case of major market swings.
Coins.ph is regulated by and strictly adheres to the market regulations set forth by the Bangko Sentral ng Pilipinas (BSP). It holds both Virtual Currency and Electronic Money Issuer licenses from the central bank, the first crypto company in Asia to hold both. Coins.ph has also been registered as a Remittance and Transfer Agent (RA) since March 2016.
As a licensed institution, we collaborate with regulators to provide regular reporting which covers customer assets and liabilities. We also have stringent compliance policies and risk management frameworks and conduct frequent external and internal audits.
The recent crypto liquidity and insolvency crisis has only strengthened our belief that the industry needs consistent and clear regulations. At Coins.ph, we remain fully committed to regulatory compliance and continue working with the BSP and other regulators to make crypto safer for all.
We thank all our users for your support and we will continue to do everything we can to protect our customers.