In the evolving world of digital finance, Coins.ph stands at the forefront of providing secure and compliant virtual asset services. For the convenience of our verified customers, we have outlined below some guidelines on the resolutions of virtual asset-related customer concerns or complaints:
Understanding Virtual Asset Issues
In accordance with BSP Circular 1108 (Virtual Asset Service Providers), Coins.ph customers intending to use cryptocurrencies are required to be at least ID and Selfie Verified. Here are common concerns and their resolutions:
Buying, Selling, and Converting Virtual Assets
Customers can trade virtual assets on the Coins.ph platform. Due to the volatility of prices, the rates may differ from expectations. The Coins.ph Help Center provides extensive information on cryptocurrency basics and conversion rates to educate users about potential risks.
Sending and Receiving Virtual Assets
The processing time for sending or receiving virtual assets depends on the specific VA that customers transact.
All incoming transfers to Coins.ph accounts are credited to customers’ wallet addresses if it has a valid transaction hash and if it has reached the required number of confirmations. The list of required confirmations per virtual asset can be found here.
For outgoing transfers, Coins.ph posts the transactions in the network in a timely manner. However, it is important to note that processing of these transfers would depend on the blockchain activity and how soon miners can process posted transfers.
Erroneous Virtual Asset Transfers
All virtual asset transactions are deemed final and irreversible. Because of this, customers are always reminded to be extremely careful in executing transactions.
Moreover, please note that cross-chain deposits are not supported by our platform.
Conclusively, Coins.ph adheres to the final and irreversible nature of digital currency transactions. If a customer sends funds to an erroneous Coins.ph address or destination tag, we recommend reaching out to us immediately, and the Coins.ph team will help with recovery under a best-effort basis.
Fraudulent Reports
Coins.ph has a dedicated team for handling fraud complaints. Reporting these incidents promptly is crucial for account security. The support team will take necessary actions and provide updates regarding reported fraud cases.
System Downtimes and Errors
Scheduled and unscheduled downtimes affecting services are posted on the Coins.ph status page. Moreover, the Coins.ph support team will release official advisories or notifications to customers if their transactions are delayed beyond expected service level agreements (SLAs).
Feature Requests
Suggestions from customers are collected through the Coins Support Form. The Coins.ph team collates all suggestions raised by customers as feedback helps improve service offerings.
Understanding the regulatory environment surrounding virtual assets is essential for safe trading practices. Coins.ph's adherence to these regulations enhances its credibility as a trusted platform in the cryptocurrency space.