06/08/2025
Detailed overview of the current challenges faced by Filipino users of the four BSP-licensed crypto platforms—Coins.ph, GCash/GCrypto, Maya Crypto, and PDAX—based on real user feedback and credible sources:
1. Coins.ph / Coins Pro
Common Issues:
• Account lockouts & withdrawal problems: Users report locked accounts with no clear reasons, and funds being withheld—even after approved transactions .
• Poor customer support: Complaints include slow responses, difficulty reaching real people, and unresolved tickets .
• Past security breach: In 2023, Coins.ph suffered a major XRP hack (~$6M), raising concerns over vulnerabilities .
• High fees & spreads: Some report high conversion margins and hidden costs, especially in crypto trades and withdrawals .
• Technical glitches: Issues with OTP (one-time PIN) delivery after app upgrades caused transaction delays .
Sample quote:
“Coins.ph got deactivated; cannot withdraw despite resubmitting docs multiple times…” 
2. GCash / GCrypto (crypto via GCash)
Common Issues:
• Funds stuck & account locked: Several users had locked accounts without explanation and no access to funds even after submitting tickets .
• Subpar customer service: Support response is described as poor, often leaving users frustrated and unheard .
Sample quote:
“Can’t withdraw funds—account says ‘locked’ with zero explanation… GCash CS is sh*t.” 
3. Maya Crypto
Common Issues:
• Uncredited deposits/slow processing: On‑chain transfers often take hours to days before crediting; support estimates range from 24 hrs to 3 business days .
• Extended downtime or sell-disabled periods: Occasional system issues where selling becomes disabled for days with no clear resolution .
• Poor support response: Users file BSP complaints due to lack of timely resolution from Maya support .
4. PDAX
Common Issues:
• Withdrawal delays: Cash‑out requests sometimes take up to a week to process or get delivered .
• Verification hiccups: Rejections of valid IDs and slow onboarding cause frustration and missed opportunities .
• Limited trading features: Fewer tokens listed, no advanced order book features or futures, limiting trading flexibility compared to global exchanges .
• Slow customer service: Chatbots and ticket systems are slow or unhelpful when issues arise .
🧭 Summary Table
Platform Key Pain Points
Coins.ph Lockouts, withdrawal holds, slow support, security concerns, high spreads
GCrypto/GCash Account freezes, poor CS response, delays in access to funds
Maya Crypto Transfer delays, sell system outages, slow or no resolution via support
PDAX Withdrawal delays, ID verification rejections, limited features, sluggish CS
✅ Why These Matter
Filipino users—especially middle-class Millennials and Gen Z—are understandably cautious:
• They fear losing access to funds or seeing balances vanish after verification issues.
• They expect responsive support but often encounter automated systems or slow ticket responses.
• They compare local platforms to global exchanges (like Binance) and feel limited by high spreads, fewer token listings, and slow liquidity.
🪙 Coins.ph
• 🚫 Account lockouts, delayed withdrawals
• 🧾 High spreads/hidden fees
• 🐢 Slow customer service
• 🔓 Major XRP security breach in 2023
⸻
📲 GCash / GCrypto
• 🔐 Locked accounts, no explanation
• 💸 Funds stuck with no access
• 🆘 Poor response from customer support
⸻
💳 Maya Crypto
• ⏱ On-chain deposits delayed (24hrs+ waiting)
• ❌ Selling disabled during system issues
• 😤 Weak resolution even with complaints
⸻
📉 PDAX
• 📤 Withdrawal delays (up to 7 days)
• 📵 ID verification frequently fails
• 📉 Limited token listings, basic features
• 🙁 Support often unhelpful or slow
⸻
🧠 Why This Matters:
If these issues persist, users will lose trust in the local crypto ecosystem — pushing them toward unregulated foreign platforms, defeating the very purpose of SEC’s protection efforts.
