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Following the Philippine Securities and Exchange Commission’s (SEC) announcement on August 4, 2025, blocking access to 10 international cryptocurrency exchanges for operating without registration, there was a noticeable increase in publicly posted Google Play Store reviews for local crypto platforms. A significant number of these reviews included one-star ratings along with various user comments about their experiences with the platforms.Â
One Star on Google Play Store
Public ratings for local cryptocurrency platforms, particularly Coins.ph and Philippine Digital Asset Exchange (PDAX), on the Google Play Store showed changes during the period following the Commission’s announcement blocking 10 unregistered international exchanges.
- Analysis of Google Play Store data and archived screenshots reviewed by BitPinas indicates an increase in one-star ratings between August 4 and August 14, 2025.
Many of these reviews appeared after the SEC’s announcement regarding the blocking of several foreign platforms due to non-compliance with the new Crypto Asset Service Providers (CASP) regulations.
On the other hand, it must be noted that ratings for the apps on the Apple App Store (Coins, PDAX, GCash, Maya) have remained steady and were not flooded with one-star reviews.
[Note: BitPinas reviewed publicly available Google Play Store data and archived rating snapshots for this report. User comments cited here are based on publicly posted reviews as of August 14, 2025.]
Coins.ph
Coins.ph’s Google Play Store average rating has fallen by about 18%, from about 3.3 stars in May to 2.7 stars as of August 14, 2025. The total number of user ratings rose from approximately 120,000 to 121,000 during the same period.
Public reviews submitted since August 4 mentioned system maintenance occurring amid market fluctuations, delays in transaction processing, account verification procedures, and issues related to customer support.
Several users reported experiencing account restrictions following substantial holdings or profits, accompanied by extended verification processes and limited responses from customer support. Additional feedback highlighted concerns regarding the platform’s outdated interface, security measures, and transparency.
Some comments also referenced the recent actions taken by the SEC against foreign exchanges as a factor influencing their ratings.
In response to BitPinas inquiry about the surge of negative reviews on their app and their plans to address the concerns, Coins.ph stated that many of its recent improvements were planned prior to recent market events, based on multi-channel user feedback”
- Key updates include a 50% cut in Pro trading fees, reduced gas withdrawal fees, and improved convert spreads.
- They shared that the company is finalizing a redesigned convert feature for Q3 2025 and developing advanced trading products with regulatory compliance in mind.
- It reported only one scheduled downtime in the past year, a 99.99% trading API success rate during market peaks, and said PHP transfer issues are typically due to external network maintenance.
“As crypto traders ourselves, we understand the demand for more sophisticated trading products. We’re already developing many of these products and are working with regulators to make sure we can offer them in a regulated way.”
Coins.ph
PDAX
PDAX’s Google Play Store rating declined by approximately 13.5%, dropping from 3.7 stars in June to 3.1 stars as of August 11, 2025. During the same period, the total number of reviews increased from 6,540 to 7,020.
While PDAX’s ratings remain lower and have not experienced a significant volume of negative reviews compared to Coins.ph, the increase in one-star ratings also began on August 4, coinciding with the SEC’s issuance of its advisory.Â
The reviews frequently cited issues such as recurring system maintenance during market rallies, relatively high trading fees and spreads, slow or delayed transaction processing, and limited responsiveness from customer support.
Several users also drew comparisons between PDAX and international exchanges, with some suggesting that local platforms may have benefited from the SEC’s restrictions on foreign competitors.
Additionally, a portion of the one-star ratings appeared to be expressions of dissatisfaction with the SEC’s advisory and the related website access restrictions:
When asked how will they address the concerns, PDAX said it welcomes user feedback as an opportunity to improve its services.
“Through the years, we have significantly improved the PDAX app, our core services, and our growing number of products such as the Hold&Earn program, Cost Averaging, and Advanced Charts to name a few.”
Philippine Digital Asset Exchange
GCash and Maya Unaffected
On the other hand, while e-wallet platforms GCash and Maya also allow users to trade cryptocurrencies, their Google Play Store ratings have remained unaffected after the SEC advisory.Â
As of August 11, 2025, GCash currently holds a rating of 4.3 stars, up from 3.5 stars in April, the recent reviews on its Google Play Store page are mostly related to its e-wallet offerings.
Currently, Maya’s rating stands at 4.6 stars, which is an increase from 4.1 stars in July.
Worth reading: Maya Crypto App Under Maintenance Amid Bull Run | Live Crypto Updates | Aug. 10, 2025
Local Exchanges Deny Influence Over SEC Actions
Both Coins.ph and PDAX denied suggestions that local exchanges played a role in, or directly benefited from, the SEC’s decision to block certain foreign cryptocurrency exchanges.
- oins.ph said the SEC’s enforcement actions are made independently, with the regulator’s priority being consumer protection rather than favoring local platforms.
- It noted that the recent measures stem from the implementation of the new Crypto Asset Service Provider (CASP) rules, which had been publicly communicated for months.
 “In our experience working with regulators, this focus on public safety and being compliant with local regulations and laws is what drives their enforcement actions… We welcome the new regulations as they now provide a clear pathway for us to deliver more advanced trading products to Philippine users, products that have been in demand for several years…. Our goal is simple: give Filipino crypto traders the same products and tools available globally, but within the local regulatory and legal framework.”
Coins.ph
PDAX similarly stated that it recognizes the SEC’s mandate to ensure businesses in the Philippines operate lawfully and reiterated its commitment to regulatory compliance.
“We recognize that it is the SEC’s role to ensure that businesses operating in the Philippines must operate lawfully. In line with this, PDAX has remained committed to being compliant while continuously providing a safe, secure, and easy-to-use platform for the growing number of users in the Philippines.”
Philippine Digital Asset Exchange
On August 4, 2025, the Philippine SEC issued an advisory flagging 10 unregistered cryptocurrency exchanges for operating without licenses under the new Crypto Asset Service Providers (CASP) rules. Flagged platforms include: OKX, Bybit, MEXC, KuCoin, Bitget, Phemex, CoinEx, BitMart, Poloniex, and Kraken.
Worth reading:
Google Trends data shows a surge in search interest for several cryptocurrency exchanges flagged by the SEC, particularly OKX, Bybit, and KuCoin, in the days following the agency’s advisory and subsequent local website blocks.
In addition, the SEC’s actions also sparked significant reaction within the Philippine crypto community. While many critics viewed the move as potentially hindering innovation and benefiting local platforms, others advocated for clearer and more supportive regulatory policies to attract international crypto companies.
Moreover, Atty. Rafael Padilla criticized the SEC’s sudden blocking of unregistered cryptocurrency exchanges, warning it could lock Filipino users out of their funds without notice and questioning the legality of the move without court orders or formal cease-and-desist directives.
This article is published on BitPinas: Local Crypto Apps See Surge in One-Star Reviews After SEC Blocks Foreign Exchanges
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