Local Crypto Platform Coins.ph Announces Recovery Fees

• Coins.ph is introducing an enhanced procedure to assist users in recovering assets involved in blockchain transactions, starting from November 13, 2023.
• The new recovery feature will enable users to reclaim assets sent with incorrect destination tags, transactions on unsupported networks, and deposits made with unsupported tokens, with associated fees.
• Other companies are also offering recovery services at different charge rates.

In order to address the irreversibility of blockchain transactions, the Philippine-licensed cryptocurrency wallet and exchange Coins.ph has recently revealed an “improved” procedure to help users recover assets. The feature rolled out beginning November 13, 2023, as per the email received by Coins.ph users.

Recover Fees

The new procedure will allow Coins.ph users to recover assets sent to incorrect destination tags, transactions conducted on unsupported networks, and deposits made with unsupported tokens with a fee.

Coins.ph, however, clarified that successful recovery cannot be guaranteed due to the complexities, timelines, and security risks involved.

The firm further noted that requests for recoveries will be subject to applicable fees.

Type of deposits	Fees
Wrong Destination Tag (with/without owner)	5 USD
Sent to Coins XRP Sending Address	5 USD
Unsupported Token/Network	20 USD (if recoverable)

Read more Coins.ph articles:

Other Exchange with Recovery Options

Binance

Although Binance does not require recovery fees, the platform still offers assistance for users that encountered deposit-related issues.

Issue	Binance Policy
Missing or Wrong Tag:	If the user forgot or used the wrong tag, memo, or payment ID, their deposit won’t be credited.To recover, users can apply online.
Deposit to Incorrect Address or Unlisted Token:	Binance might help recover tokens in cases of substantial losses resulting from an incorrect deposit, but success is not assured.
Deposit to Incorrect External Address:	No additional support is provided if tokens are sent to a non-Binance address. The firm advised users to reach out to the relevant party, such as the address owner or the associated exchange/platform, for assistance.

OKX

In a media release last month, OKX stated that to expedite recovery, accounts with deposits under USD 15,880 are being credited in advance with the platform’s funds. Moreover, the exchange noted that its forthcoming 3rd generation wallet is anticipated to resolve such issues by sharing deposit addresses for various tokens. 

However, users are advised to check details carefully before depositing to avoid complications; according to OKX, fund recovery involves a complex and time-consuming procedure.

Coinbase

In accordance with its recent policy, a company now provides an asset recovery service for verified customers to retrieve certain lost ERC-20 assets—if users try to recover an ineligible asset, they will be notified during the process.

If a user sent an unsupported cryptocurrency to Coinbase, it might qualify for recovery; the platform however will apply a network fee for the recovery attempt and a 5% recovery fee for amounts exceeding $100. The estimated recovery value may vary from the actual market value.

However, the recovery service is not available to customers in Japan or Prime/Custody customers.

Bybit

If unsupported coins are mistakenly deposited into a Bybit wallet address, the Bybit team states that it may initiate an asset recovery process, contingent upon the associated recovery fees. 

Users that wish to recover assets are advised to complete the Asset Recovery form, and the exchange will reach out within 1-3 working days.

To recover a deposit with a wrong or missing tag/memo, refer here. 

Bittrex

Bittrex’s deposit recovery policy outlines various scenarios for fund recovery, subject to Bittrex’s discretion. Some tokens may not be recoverable, and if unsuccessful, Bittrex will refund the recovery fee, excluding transaction fees. 

Issue	Recovery Charge
Cross-chain deposit recovery	$1,000
Removed wallet token recovery	$2,500
Unsupported ERC20 token recovery	$2,500

Crypto.com

According to its website, For unsupported token deposits or deposits with incorrect or missing addresses, tags, or memos on Crypto.com, clients can contact customer support for assistance in retrieving funds. However, the firm noted that fund retrieval may not always be possible.

A retrieval fee of up to $150 may be charged at Crypto.com’s discretion for recovering missing crypto deposits.

KuCoin

KuCoin offers assistance for recovery when users forget to fill the memo or fill the wrong memo, customers only need to reach out to their team. The platform assured that fees are only collected if the retrieval is possible; the amount can be found on the application.

PDAX

BitPinas reached out to PDAX regarding their recovery policy and the firm advised users to check out their support page. 

Recent Coins.ph News

Recently, blockchain analysis firm Chainalysis confirmed that the funds from a possible security breach in Coins.ph are now labeled within their products, allowing their customers to investigate their movement.

Last month, the firm was a key partner for Investagrams’ Investa Summit 2023, which brought together industry experts to discuss capturing new opportunities and financial trends. Jen Bilango, Coins.ph’s Country Manager for the Philippines, was a speaker at the event, sharing insights on using stablecoins and the tokenization of financial assets. 

Moreover, Coins.ph also teamed up with fintech company Circle to encourage USDC-based remittances in the Philippines. To address the lack of knowledge of their users on this asset, the firm will be launching educational programs to teach Overseas Filipinos how to use USDC for remittances. 

Additionally, the e-wallet provides a USDC HODL & EARN Program, enabling users to earn a 5% annual return on their USDC holdings.

This article is published on BitPinas: Local Crypto Platform Coins.ph Announces Recovery Fees

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