When sending out or receiving cryptocurrency using your Coins.ph wallet, you may encounter a notification that looks like this:
"We rejected an incoming transaction to your Coins wallet as it is from a sanctioned wallet address. You may reach out to Coins support for more info."
If you are receiving this, it would mean that the wallet address sending crypto to your Coins.ph account is a sanctioned wallet address. A sanctioned wallet address is detected by our system if it has been involved with fraudulent activities.
We have set these measures in place as an additional layer of security for our customers. If such notification is received, we would like to encourage our customers to stop engaging with the parties who own these sanctioned wallets to avoid encountering fraud or scams.
For futher guidance, our customers may review our User Agreement especially the sections on Unauthorized Uses and Prohibited Uses.
What should I do when I receive this notice?
1. For Incoming Transfers
Your incoing transfer will be blocked so that the funds will not be credited to your wallet. An email will be sent to you with instructions on how to process the reversal of funds back to your sending platform. You may also read our article to know how to process the reversal of a rejected incoming transaction.
2. For Outgoing Transfers
If you made an outgoing transfer to a sanctioned wallet address, this will be immediately rejected and your funds will be refunded back to your Coins.ph wallet.
For more information on prohibited transactions in the Coins.ph platform, you may review our User Agreement or you may reach out to our support team here.