Ninjastic
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Re: Coins.ph Suspended Accounts?
by
ultrloa
on 14/05/2020, 09:23:57 UTC
Quote from: carlfebz2 on May 13, 2020, 08:04:30 PM
Quote from: JoMarrah Iarim Dan on May 13, 2020, 01:53:35 PM
Quote from: dothebeats on September 21, 2018, 10:28:14 PM
As we all know, coins.ph is one of the most trusted bitcoin exchange in the Philippines, and they've remained at the top since 2014. However, after 4 years of doing business with them, they decided to ban my account fully due to some connections with 'fraudulent activity' on my account. I've skimmed on all the transactions I have on that wallet since 2014, and I haven't seen something suspicious, though there are some transactions that came from an online betting platform from 2015 which, according to a circular from the central bank issued @ 2018, is illegal since online betting was banned in the Philippines. Knowing that there really isn't a clear definition of what 'bitcoin' is in the Philippines, why would the platform immediately ban the account?

Has anyone experienced the same thing? Their customer support's replies were bland, and no further information were given as to why they disabled the account, but I'm inclined to think it's because of those transactions I have with an online betting site which served as a payment for some brief works. Just a heads up to people out there who use the said platform, never try to withdraw bitcoins on gambling sites directly to your coins.ph account.

I am one of coins.ph loyal user since 2017. All of my bitcoins transactions can be found in here. It also become my secondary bank account not only for peso but also for bitcoin and later on Eth. I used to send money and buy loads in here. So far there is nothing bad in my experience in using coinsph. But if this is true, I must be careful now. What my Coins.ph containing is everything for me.
This is the main problem on using up custodial wallets where anytime theres a tendency for a certain user on experience issues or problems which in result into block up their accounts with funds in it and of course you would need to comply nor submit documents for further verification which isnt something new.Even though i dont suggest on using up these wallets or service but people doesnt have any choice because they do need
to  exchange up their btc's to fiat which is only possible with these centralized platforms or exchangers.The best thing to do now is never to store up huge chunks of coins into these wallet and always make use
to those wallets that you do own the keys which would really leave some peace of mind.

Actually they have option to choose with but many people doesn't know about the existence of bitcoin wallet option on since they are introduce first on coins.ph they can use bitbit or abra anyways for that if they can't trust coins but honestly in my own opinion I'm long  time coins.ph user  and I understand on what i written on their TOS so people should read that before using their service since if they do certain activity which can create conflict with their terms for sure they will encounter an issue.