What Causes Transaction Rejections?
Transactions can be rejected for several reasons, primarily related to security and compliance. The most common cause is when a transaction is sent to or received from a sanctioned wallet, which is prohibited under Coins.ph's User Agreement. Understanding the nature of these rejections is crucial for resolving them effectively.
Key Reasons for Transaction Rejections
Incoming Transaction Rejections
- Security Measures: Transactions may be blocked to protect your account from potential unauthorized transfers
- Sanctioned Wallet Detection: Transfers from or to prohibited wallet addresses are automatically halted.
- Compliance Protocols: Rejections ensure adherence to financial regulations and platform policies
Outgoing Transaction Rejections
- Sanctioned Wallet Prevention: Transfers to restricted wallet addresses are automatically stopped
- Immediate Fund Protection: Blocked funds are instantly returned to your Coins.ph wallet
Incoming rejected transaction
If you were expecting an incoming transfer, but see this under rejected transactions, kindly know that this was blocked for your account's security.
1. Notification
A notice will appear under your current balance indicating the rejection.
2. View Transactions
Click on "View Transactions" to access the list of rejected transactions.
3. Contact the Sending Platform
Based on the rejected transactions, kindly advise the sending platform to reach out to us at crypto.refunds@coins.ph and provide complete transaction details specified below:
- Transaction Date
- Amount and Currency Sent
- Beneficiary Wallet Address
- Transaction Hashlink
These details are essential for processing the reversal of funds back to the sending platform.
Outgoing rejected transaction
- Since our system detected that your transfer was being sent to a sanctioned wallet, the transfer was automatically rejected, for your protection.
- The funds will immediately be returned back to your Coins.ph wallet.
Transaction rejections are a critical security feature designed to protect your financial assets. By understanding the process and following the recommended steps, you can navigate these situations confidently and securely.
Pro Tip: When in doubt, always reach out to Coins.ph customer support for personalized assistance.
Frequently Asked Questions
What is a sanctioned wallet?
A sanctioned wallet refers to a cryptocurrency wallet that is restricted due to compliance with legal regulations. Transactions involving such wallets are automatically blocked to protect users and comply with laws.
Why was my transaction rejected?
Transactions are typically rejected if they involve sanctioned wallets or if there are discrepancies in transaction details. Always check for notifications or transaction details on your Coins app regarding any issues.
How can I prevent future transaction rejections?
Always double-check wallet addresses
- Ensure you're using verified platforms
- Stay updated on Coins.ph user agreement and policies