Investigate COINS.PH Operations as Money Custodian
This petition had 140 supporters
COINS.PH (Registered Company Name: BETUR INC) is a money remittance company with office address at 12/F The Centerpoint Building, Julia Vargas corner Garnet Road, Ortigas Center, Pasig City, Philippines.
COINS.PH accepts peso deposits and withdrawals, buy and sell of Bitcoin, money transfer, bills payment, mobile load purchase, and more.
COINS.PH randomly suspends any account of its depositors without any warning or notification either through email, call or text. Usually they suspend accounts if they notice several daily transactions, and sometimes, if you buy or sell Bitcoin in large amount.
COINS.PH will not give you information as to why they are suspending your account, such as suspicious activities, failed login attempts, etc.
COINS.PH compliance team will not talk to their customers by phone or in person even if you visit their office in Ortigas Center.
Their operations in their office is very suspicious: no company signage, no management personnel willing to appear in front of clients. It looks like a call center type of operations, and not a legitimate customer-oriented business similar to banks, etc.
Many of their depositors have lost their money at COINS.PH and never were reimbursed. So if you are one of the victims of COINS.PH whose account was suspended / blocked and was never reimbursed, please sign this petition to:
1. Appeal to the Central Bank of the Philippines to investigate the operations of their Ortigas Office if they work according to what a money remittance / changer should operate. And if their findings will prove they have violated the law, it is to the prerogative of CBP / BSP to cancel / revoke their license to accept deposits or exchange cryptocurrency.
2. Be investigated by the Securities and Exchange Commission as a foreign-owned company operating in the Philippines and for their illegal freezing of its depositors money.
3. Be investigated by the Pasig City Mayor's office if they have proper business permits to operate in Ortigas Center as money changer / remittance company.
4. Oblige them to refund all depositors whose accounts were frozen without any valid and lawful reason.
So if you are like me, who lost a lot when I funded my account to buy Bitcoin, then got suspended for no reason until Bitcoin price went down; or if you lost money from COINS.PH without getting refund, please sign this petition now so that the SEC will have enough reason to investigate COINS.PH
If we do not act now, I am very sure they will continue to suspend more accounts and cause a lot of frustrated users. This will also inform those who are thinking of using COINS.PH and help to spare them from this frustrating experience.
"While you are here, please take a moment to review our Acceptable Use Policy, as this will help ensure you are aware of what constitutes prohibited uses of a Coins.ph account. Prohibited uses include:
· Investment Schemes: support of pyramid schemes, paluwagans, ponzi schemes, network marketing, unlicensed investment vehicles, deceptive charity schemes, referral marketing programs or multi-level marketing programs;
· Fraud: provision of any false, deceptive, inaccurate or misleading information to Coins, Coins users, or other third parties;
· Gambling: Online gambling, lotteries, casinos and informal gambling, gaming operations, sports betting, and other games of chance and forms of speculation;
Please note that Coins.ph reserves the right to terminate accounts that violate our Acceptable Use Policy, or accounts that in any way are used for prohibited activities."
While it is true that a lot of network marketers use COINS.PH for sending payments into their individual MLM businesses (legit or ponzi), that doesn't give them AUTHORITATIVE JUDGMENT to suspend any account that they "think" to be violating their policy. Because of the nature of Bitcoin transactions where sender and recipient addresses are untraceable and unidentifiable, they can't claim an incoming or outgoing transaction to violate their policy or not -- whether they were used for network marketing or legit purposes, such as, Bitcoin trading and mining.
Therefore they can't suspend any account whatsoever without first proving it violated their policy, and without first informing account holders of any suspicious activity in their accounts, only because they "feel like suspending it". Even banks never suspend their depositors account without first legal basis to do so.
If you are using COINS.PH to transact, you can still do so but I highly suggest DO NOT STORE YOUR MONEY / BTC AT COINS.PH because they are not a bank that can protect your deposit (and are not insured by PDIC). COINS.PH is not a secure wallet to store BTC because you don't personally keep your private key. They act only as a custodian of your BTC, and so in technical terms, they somehow "own" your BTC because they know your private key to your BTC wallet, and not you who has it. The only way for you to recover your Bitcoin is if you have a private key or a backup of your wallet.dat file. But since you don't have both, and if the web site of coins.ph shuts down or get hacked, you will never be able to recover your BTC. THIS IS ONE TRUTH COINS.PH WILL NEVER TELL YOU.
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