In accordance with BSP Circular 1108 (Virtual Asset Service Providers), Coins.ph customers intending to use cryptocurrencies are required to be at least Level 2 (ID and Selfie) Verified. For the convenience of our verified customers, we have outlined below some guidelines on the resolutions of virtual asset-related customer concerns or complaints:
1. Concerns related to buying, selling and converting virtual assets
- Customers can buy and sell virtual assets in the Coins.ph platform. Given the volatility of virtual asset prices, the rates or the Peso value may differ from what customers are expecting. In order to educate customers about the risks involved in virtual assets, the Coins.ph Help Center has an extensive section on the basics of cryptocurrency and the conversion rates used in Coins.ph.
2. Concerns related to 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. .
- For concerns regarding specific virtual assets, customers can check the FAQ section that is relevant to their virtual asset transfer.
3. 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. This includes:
- Sending of virtual assets to other wallets (e.g. sending Bitcoin Cash to your Bitcoin address)
- Sending ERC20 tokens
- Using private networks (e.g. BSC).
Learn more about Coins.ph’s Cross-chain, ICO, and ERC20 Policies here.
- 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 here or via our in-app Help Center immediately and the Coins.ph team will help with recovery under a best-effort basis.
4. Fraudulent reports and virtual assets
- There is a dedicated Coins.ph team handling extremely sensitive customer complaints related to fraud.
- It is important that these complaints are reported to the Coins.ph customer support channels at the earliest possible time for immediate assistance. Upon receiving the complaint, necessary actions will be done to ensure the security of the customer’s account. The Coins.ph team will provide regular updates relevant to the reported fraud.
5. System downtimes, bugs or errors related to virtual assets
- Scheduled and unscheduled downtimes that affect any Coins.ph virtual asset services are posted in the Coins.ph status page.
- Moreover, the Coins.ph support team will release official advisories or notifications to customers if they have a transaction that has not been processed within the published SLA
6. Feature Requests
- The Coins.ph team collates all suggestions from customers through an online form available here.
If you have any other concerns which are not answered above, please feel free to message our customer solutions team through this link. All customers may expect a response from our team within 24 hours.