Coins.ph asking for beneficiary name of my BTC transfer

[tinderclone]

Hi All,

For people here who had experience in using coins.ph and did a 'huge amount' transfer to a hardware wallet.I received an email that I need to provide more information of my transaction.

Email in the pic attached:Email from coins.ph

I did this, well because of the “Not your keys, not your coins.” rule.

Transferred around 150Kphp worth of BTC to my ledger.Plus you never know when coins.ph will close or have something catastrophic happening.

So do I have to do this? What if I just ignore this?

Email in text Form :

Hello there,

We are reaching out regarding your Virtual Asset transfer last November 2021.

As a duly registered Virtual Asset Service Provider (VASP) regulated by the Bangko Sentral ng Pilipinas (“BSP”), Coins.ph is required to collect information in order to process Virtual Asset (VA) transfers.

Given this requirement, Coins.ph customers must now provide the following information for any VA transfers exceeding ₱50,000.00:

Sending virtual assets to external wallets

1. Recipient’s Name
2. Destination exchange/platform

Receiving virtual assets from external wallet

1. Sender’s Name
2. Sender’s wallet address
3. Source exchange/platform
4. Sender’s physical address, national ID number or date and place of birth

While reviewing your transaction below, we have noted that the recipient details you have previously provided have been assessed by our team as deficient under the requirements set by the said BSP circular:

Transaction Reference Number: xxxxxxxxxx

Amount: xxxxxxxxx BTC

Date of Transfer: November xx 2021

Receiving Platform: Other

Beneficiary's First Name: xxxxxx (Some random letters and numbers, not a name)

Beneficiary's Last Name: xxxxxx (Some random letters and numbers, not a name)

In line with the Financial Action Task Force’s (“FATF”) Travel Rule requirement (also under BSP Circular No. 1108), your cooperation is requested to supply updated, valid information about your VA transfer. [READ: Why do I need to put the recipient name for external transfers?]

We highly encourage you to fill out our Virtual Asset Transfer Form in order to update the missing details mentioned above:

 

[thisguynamednick]

@tinderclone Thanks for this heads-up.

So do I have to do this? What if I just ignore this?

I wouldn't ignore this to avoid the risk of them closing my account.

 

[ispain]

@tinderclone I downloaded BSP Circular 1108 and it specifically indicates the required information for VA (Virtual Asset) transfers amounting Php50k or more, of which the beneficiary's name is included. Coins.ph is only following BSP guidelines, OP. You'll need to give the information for the transaction to push through.

 

[tinderclone]

@ispain Hmm the transaction pushed through already. Long time ago, November 2021.

Coins are in my wallet.

That's why I'm hesitating to give info.

If this was required BEFORE the transaction, then yeah, definitely will fill this up.

 

[ispain]

@tinderclone Ah, that's good then. At the very least, you have reference that it's also BSP asking for the info so it's a legal thing to request from you.

Pasting the circular here for ease of access:
https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf

 

[gokj316]

@tinderclone baka they are legally required to request you this info. just like those emails from banks that wants you to update your client info and that i ignore 100 pct of the time and nothing happens to my account.

 

[lindz54gd]

@tinderclone If you don't comply they'll most likely close your account. It's really up to you if you want to provide all that data.

I guess we have another reason to stay away from Coins.ph

 

[tinderclone]

@lindz54gd Damn. Just like that?

It's not even stated in the email the consequence of not fulfilling this request.

 

[godsgatekeeper]

@tinderclone Stay away from coins.ph, I had bad experience with them and they close my account without giving me a reason.

 

[tinderclone]

@godsgatekeeper Hmm, this is one of the reasons too why I needed to move my coins.

 

[godsgatekeeper]

@tinderclone

https://imgur.com/V4yuOy3

By the way, they never told me what my violations are, so I have no idea which of the terms of agreement I violated.

 

[tinderclone]

@godsgatekeeper Hmm, that's concerning.

Maybe you didn't use your real identity?

 

[godsgatekeeper]

@tinderclone I use my real name and never do anything illegal. I used it to buy crypto and pay for my bills, that's all.

They also request for an enhanced verification even I did not exceed to their transaction limits, which I also comply.

 

[resjudicata]

@tinderclone your account will be suspended if you don’t follow. they’re regulated by bsp and have the authority to ask for information about transactions as you transacted with them.

 

[jim35215]

@tinderclone moved away from coins.ph and never looked back.

 

[capriccio]

@tinderclone More proof that regulators in this country don't understand crypto.

 

[seekingpeace1]

@tinderclone Yikes, mas mahigpit na ba sila ngayon? Meron pa akong 0.08 dun na hindi ko alam kung anong gagawin. Wala naman akong hardware wallet.

 

[fireblaze]

@seekingpeace1 Not your keys, not your coins. Golden rule. As a temporary precaution, get a reliable wallet kung wala kang hardware wallet. I recommend Mycelium and BlueWallet. Move your 0.08 to either of those two and sleep soundly. Be sure to write down the recovery seed and keep it in a safe place. (for example, with your passport, birth certificate and other important documents).

 

[seekingpeace1]

@fireblaze OK TY. Wala bang issues si Coins.ph ngayon kapag isesend ko lahat ng sabay-sabay? Magtitira lang siguro ako ng kaunti kung ganun?

Also any suggestion sa pagpapaconvert to php? Hindi kasi ako trader (naipon lang tong laman ng coins.ph sa mga online tasks) pero gusto ko sana na oras na magrecover yung price eh ipapapalit ko na siya to peso, then siguro magtitira lang ako ng pambaili ko kapag bagsak uli. Kung di masyado malaki fees at walang hassle maybe yung 0.04 eh for safe keeping and then yung other half yung paiikutin ko.

 

[ejm]

@tinderclone Thanks for this. I plan to use Coins.ph for big withdrawal as well