Coins.ph suspends peso deposits following Philippine central bank directive
Coins.ph, a leading cryptocurrency exchange and payment service provider in the Philippines, has temporarily suspended Philippine peso deposits via InstaPay and PESONet networks. The move comes after the Bangko Sentral ng Pilipinas (BSP) directed the company to improve its internal controls. The suspension, announced on October 2, also affects receipts through the QRPH common QR code payment standard. However, existing users can still withdraw funds, make payments via QRPH, pay bills, and trade cryptocurrencies.
Coins.ph assured users that customer funds remain secure, adhering to BSP's requirements. The company is collaborating with the central bank to address the issues within the specified deadline. This development follows Coins.ph's April 21 introduction of USDT and USDC stablecoin payments, convertible to Philippine pesos, at approximately 700,000 QRPH-compatible merchant locations nationwide.