COINS.PH License Revoked by President Duterte

Coins.PH (Registered employer call: BETUR INC) is a cash remittance company with workplace address at 12/F The Centerpoint constructing, Julia Vargas corner Garnet street, Ortigas middle, Pasig city, Philippines.

COINS.PH accepts peso deposits and withdrawals, purchase and promote of Bitcoin, money switch, payments payment, cellular load purchase, and greater.
the difficulty
COINS.PH randomly suspends any account of its depositors with none caution or notification both through email, name or text. usually they suspend money owed in the event that they notice several day by day transactions, and once in a while, if you purchase or promote Bitcoin in huge quantity.

COINS.PH will now not give you statistics as to why they're postponing your account, which includes suspicious activities, failed login tries, and many others.

COINS.PH  compliance group will no longer speak to their clients through telephone or in individual even if you go to their office in Ortigas .

Their operations of their office is very suspicious: no business enterprise signage, no management personnel willing to appear in the front of clients. It seems like a name center kind of operations, and no longer a legitimate purchaser-oriented enterprise just like banks, and so on.
lots of their depositors have misplaced their money at COINS.PH and never have been reimbursed. So in case you are one of the victims of COINS.PH whose account became suspended / blocked and become never reimbursed, please sign this petition to:

1. Appeal to the central bank of the Philippines to investigate the operations of their Ortigas office in the event that they work in keeping with what a money remittance / changer must perform. And if their findings will prove they have violated the regulation, it is to the prerogative of CBP / BSP to cancel / revoke their license to just accept deposits or alternate cryptocurrency.

2. Be Investigated by using the Securities and alternate commission as a foreign-owned company working within the Philippines and for his or her illegal freezing of its depositors cash.
3. Be investigated by using the Pasig city Mayor's workplace in the event that they have proper business lets in to operate in Ortigas center as cash changer / remittance employer.

4. Oblige them to refund all depositors whose accounts were frozen without any valid and lawful purpose.

COINS.PH Statement

"While you're here, please take a second to check our applicable Use coverage, as this will assist ensure you're aware of what constitutes prohibited uses of a account. Prohibited makes use of consist of:
·         investment Schemes: guide of pyramid schemes, paluwagans, ponzi schemes, community advertising, unlicensed funding cars, deceptive charity schemes, referral advertising and marketing programs or multi-level advertising and marketing packages;
·         Fraud: provision of any fake, misleading, misguided or misleading statistics to cash, cash customers, or different 0.33 parties;
·         gambling: on line gambling, lotteries, casinos and casual gambling, gaming operations, sports activities having a bet, and other video games of hazard and forms of hypothesis;
Please word that reserves the proper to terminate money owed that violate our suitable Use policy, or accounts that during any manner are used for prohibited sports."


Whilst it's far proper that lots of community entrepreneurs use coins.PH for sending bills into their person MLM groups (legitimate or ponzi), that does not provide them AUTHORITATIVE JUDGMENT to suspend any account that they "assume" to be violating their policy. due to the nature of Bitcoin transactions in which sender and recipient addresses are untraceable and unidentifiable, they cannot claim an incoming or outgoing transaction to violate their policy or not -- whether they had been used for network advertising and marketing or legitimate purposes, inclusive of, Bitcoin buying and selling and mining.

Therefore they cannot droop any account in any respect with out first proving it violated their policy, and without first informing account holders of any suspicious pastime in their debts, handiest because they "sense like suspending it". Even banks by no means suspend their depositors account with out first criminal basis to achieve this.

In case you are using COINS.PH to transact, you can still do so however I highly propose DO not shop YOUR money / BTC AT COINS.PH because they're now not a bank which can shield your deposit (and aren't insured by using PDIC). COINS.PH isn't always a secure pockets to save BTC due to the fact you do not keep your non-public key. They act as custodian of your BTC, however in technical phrases, they somehow personal your BTC due to the fact they recognize your non-public key for your wallet, and not you who has it.


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Pinoytut: COINS.PH License Revoked by President Duterte
COINS.PH License Revoked by President Duterte
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