Philippine cryptocurrency platform Coins.ph said customers' funds remain safe and that it is working to restore services affected by an ongoing disruption, according to an Oct. 14 statement. The response follows news reports about offshore gaming transactions and the company's engagement with the Bangko Sentral ng Pilipinas (BSP), the country's central bank.

A separate, undated company advisory focused on internal controls said the BSP directed Coins.ph to introduce enhancements to those controls. The company said it is working with the central bank to meet the requirements within regulator-set timelines. The directive places that work inside the supervisory relationship between the regulator and the platform — the same BSP licensing status Coins.ph cites when it assures users it continues to operate.

Assurances amid ongoing service restoration

Coins.ph's assurances arrived alongside an acknowledgment that affected services have yet to be restored. The message addressed both the status of customer funds and the platform's operational plans, stating that the return of those services remains expected, with details to follow. For users, the practical upshot is that while the company describes funds as safe, access to the affected services remains unavailable until they are restored.

In the statement accompanying its X post, Coins.ph said it maintains strict controls designed to keep offshore gaming and gambling operators off its platform, noting that it is committed to serving only legitimate, compliant businesses.

On licensing, the company described itself as a regulated and licensed platform, adding in the statement:

"Our users' funds are safe; we continue to operate as a BSP-licensed institution."

The company asserts that it remains licensed while assuring customers that their money is safe.

Compliance efforts continue

Coins.ph also said it continues to strengthen its compliance and control functions and works closely with regulators to enhance its operations. The separate advisory similarly said the company is working to meet the BSP's requirements, though it did not provide a completion date.

While the Oct. 14 statement said full restoration is expected "soon," it did not identify the affected services, say when the disruption, or provide a calendar date for their return. For users awaiting those services, the restoration timetable remains unspecified.

The company said it will share further updates through official channels and asked users to follow them. The separate advisory likewise promised updates as services are restored — the channel through which Coins.ph says it will report progress following its current reassurance about customer funds and its stated expectation of a return to full service.