MANILA, Philippines, Dec. 18, 2023 /PRNewswire/ — Coins.ph, the Philippines’ leading digital asset exchange, announced that it has raised its 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). Higher custom limits are also available for users that provide enhanced KYC requirements.
“We recognize that the ability to easily access funds is essential for our users that trade cryptocurrencies,” said Wei Zhou, Coins.ph CEO.
“Bitcoin prices have recently risen above $40,000 sparking interest among Filipinos in this and other digital assets available on Coins.ph. By increasing our limits, we can better cater to the needs of these customers and provide them with a more seamless trading experience,” Zhou added.
By increasing limits to as high as ₱10M daily, Coins.ph stands out as having the highest standard daily cash-in limits across e-wallets.
The new limits also align with the Bangko Sentral ng Pilipinas (BSP) amendments to its Guidelines on Electronic Money (E-money) and the Operations of Electronic Money Issuers (EMI). To cater to the evolving needs of Filipinos, the BSP amendments made earlier this year included the lifting of a Php 100,000 monthly aggregate cash-in limit on EMIs.
To capitalize on Coins.ph’s new cash-in limits, Level 1 users can upgrade their verification to Level 2 by simply providing a valid ID and completing a facial recognition scan.
Meanwhile, high net worth individuals and frequent traders have the option to attain Level 3 verification by furnishing supplementary KYC documents, such as proof of address and proof of income.
About Coins.ph
Coins.ph is on a mission to power the new internet with easy access to digital assets and web3 products. Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has gained the trust of more than 18 million users. Through the easy-to-use mobile app, users can buy and sell a variety of different cryptocurrencies and access a wide range of financial services.
Coins.ph is fully regulated by the Bangko Sentral ng Pilipinas (BSP) and is the first ever crypto-based company in Asia to hold both Virtual Currency and Electronic Money Issuer licenses from a central bank.
