Understanding the implications of interacting with sanctioned wallet addresses is crucial for safe digital asset management. Learn what happens when you encounter sanctioned wallets, and how to protect yourself.
For Outgoing Transfers
When you attempt to send cryptocurrency to a sanctioned wallet:
- The transaction is automatically rejected by the platform
- Your funds are immediately returned to your wallet
- You receive a notification explaining why the transfer was blocked
- The transaction can be tagged as Failed on your account’s history
These measures are in place as an additional layer of security for Coins.ph customers. Our customers are encouraged to stop engaging with the parties who own these sanctioned wallets to avoid encountering fraud or scams.
For further guidance, our customers may review our User Agreement especially the sections on Unauthorized Uses and Prohibited Uses.
Protection Measures and Best Practices
To protect yourself from sanctioned wallet interactions:
- Always verify the recipient's wallet address before sending crypto
- Research and only use reputable cryptocurrency platforms
- Keep records of all your cryptocurrency transactions
- Report suspicious activity to your platform's support team immediately