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Coins.ph Users Face App Lockout, Company Responds Funds Are Safe and Services Are Being Restored
Philippine crypto platform Coins.ph issued a statement on October 14, addressing user concerns about application lockouts, assuring users that their funds are safe and that it is working to restore affected services. This follows earlier reports of its alleged involvement in offshore gambling transactions, prompting the Bangko Sentral ng Pilipinas (BSP) to intervene and instruct Coins.ph to strengthen internal controls. Coins.ph stated it will continue to operate as a BSP-licensed institution and work closely with the central bank to meet regulatory requirements, anticipating a full restoration of services "soon."
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