• Coins.ph, a licensed cryptocurrency wallet and exchange in the Philippines, has raised its standard daily cash-in limits.
• The new standard daily cash-in limits include ₱500,000 for Level 2 accounts (ID and selfie verified) and ₱10 million for Level 3 accounts (requiring proof of address and proof of income).
• Users can upgrade to Level 2 by providing a valid ID and facial recognition scan, while Level 3 verification involves submitting additional KYC documents for those with significant financial portfolios.

Philippine-licensed cryptocurrency wallet and exchange Coins.ph has announced that it has increased its standard daily cash-in limits as high as ₱10 million for verified accounts. In addition, higher custom limits are also available for users that provide enhanced KYC requirements.

Increased Cash-in Limit at Coins.ph

As per the press release, the company raised the standard daily cash-in limits to ₱500,000 for Level 2 accounts (ID and selfie verified) and ₱10M for Level 3 accounts (with proof of address and proof of income).

On the other hand, Coins.ph highlighted that Level 1 users can elevate their verification status to Level 2 by providing a valid ID and completing a facial recognition scan. In addition, individuals with substantial financial portfolios and frequent traders have the option to achieve Level 3 verification by submitting additional KYC documents, including proof of address and proof of income.

Wei Zhou, CEO of Coins.ph, reiterated that the company recognizes the importance of providing users with the ability to easily access funds for cryptocurrency trading.

“By increasing our limits, we can better cater to the needs of these customers and provide them with a more seamless trading experience,” Zhou stated. 

Updated Limits Consistent With BSP Guidelines — Coins.ph

In addition, Coins.ph pointed out that the updated limits are consistent with the amendments made by the Bangko Sentral ng Pilipinas (BSP) to its Guidelines on Electronic Money (E-money) and the Operations of Electronic Money Issuers (EMI).

The central bank amendments, implemented earlier this year, included the elimination of the ₱100,000 monthly aggregate cash-in limit on EMIs.

Recent Coins.ph News

Recently, Coins.ph has launched the Digital Asset Exchange Alliance (DAEA) in collaboration with Coinhako (Singapore), Indodax (Indonesia), and Bitkub (Thailand). This strategic partnership aims to unite licensed exchanges to strengthen regulatory compliance, share protocols, promote financial literacy, and uphold consumer protection and responsible trading practices.

Since November 13, the platform introduced a recovery procedure to aid users in reclaiming assets involved in blockchain transactions. This feature allows users to recover assets sent with incorrect destination tags, transactions on unsupported networks, and deposits made with unsupported tokens, along with associated fees. 

Also last month, Coins.ph’s TradeDesk service surpassing a trading volume of over $1 billion year to date. TradeDesk specializes in providing over-the-counter trading services for high-net-worth individuals and institutional clients, facilitating seamless transactions involving cryptocurrencies and foreign currencies.

On the other hand, Coins.ph also encountered difficulties; it experienced a data breach that impacted a small percentage of users. 

Additionally, a potential security breach also occurred in October, leading to the theft of approximately $6 million worth of XRP. Chainalysis identified and labeled the compromised funds. Notably, the exchange has not officially commented on the incident.

This article is published on BitPinas: Coins.ph Raises Daily Cash-In Limits to ₱10M, Tops PH E-Wallets

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