April 28, 2020 – Local cryptocurrency exchange PDAX said it is suspending cash-out fees for withdrawal requests made via InstaPay and PESONet starting from April 28, 2020 – May 15, 2020.
Cash in and cash out options have been limited during the enhanced community quarantine (ECQ) not just for crypto exchanges but also in the remittance industry in general. Many have opted to go digital and the Bangko Sentral ng Pilipinas (BSP) also recommended BSP-Supervised institutions (BSFIs) to encourage digital payments as well. PDAX is a BSFI, like other virtual currency exchange licensees such as Coins.ph and SCI Ventures.
Recently, the BSP has suspended transfer fees via PESONet and InstaPay. Both are payment systems with participants from banks and non-bank financial institutions. For example, if a person sends money from a member bank to another person whose bank is also a participant, there will be no transfer fee to be collected. With BSP suspending such fees, it encouraged BSFIs to “channel forward such temporary relief measure to the banking public” by making it free to their users as well.
PDAX is a virtual currency exchange licensee by the Bangko Sentral ng Pilipinas (BSP).
PDAX has an ongoing cash-in promo you can check out here:
This article is published on BitPinas: PDAX Announces Zero Cash-Out Fees via InstaPay and InstaPay