Philippines’ cryptocurrency exchange Coins.ph announced that it has increased its daily cash-in limits for its users.
Level 2 accounts, which require ID and selfie verification, now have a daily cash-in limit of PHP 500,000.
Coins.ph said that Level 1 users can easily upgrade their verification status to Level 2 by providing a valid ID and completing a facial recognition scan to benefit from these new cash-in limits.
Meanwhile, for Level 3 accounts, which necessitate proof of address and proof of income, the daily limit has been raised to PHP 10 million.
Additionally, users with more extensive Know Your Customer (KYC) requirements can request higher custom limits.
The adjustments align with recent amendments to the Bangko Sentral ng Pilipinas’ (BSP) guidelines on e-money and the operations of Electronic Money Issuers (EMI).
These changes were implemented earlier this year and included the removal of a PHP 100,000 monthly aggregate cash-in limit on EMIs.
Wei Zhou
“We recognise that the ability to easily access funds is essential for our users that trade cryptocurrencies. Bitcoin prices have recently risen above US$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,”
said Wei Zhou, CEO of Coins.ph.
Featured image credit: Edited from Freepik
