THE Philippine Digital Asset Exchange (PDAX) announced that it has resumed operations after it has shut down its system due to an internal problem.
In a virtual news conference last Tuesday, PDAX Founder and CEO Nichel O. Gaba said they have conducted a systems maintenance check following a surge in cryptocurrency trading.
“When we discovered that an unfunded order made it to the system, we took the exchange down to prevent that order from affecting other accounts,” Gaba said.
He said while he knows this activity caused concern and anxiety among their users, the 36-hour system check was necessary to “protect them, the public and the integrity of the market.”
PDAX is a cryptocurrency exchange, which began retail operations in 2019. It is regulated by the Bangko Sentral ng Pilipinas (BSP) and allows its users to trade bitcoin, ethereum, and other cryptocurrency using the Philippine peso.
According to Gaba, they have seen a steady increase in Filipinos’ interest in cryptocurrencies, amidst the pandemic.
The crypto exchange said it has been scaling its capabilities to accommodate more users and more volumes of transactions. Still, one isolated and unfunded order found its way into the PDAX system and affected the accounts of other users.
Gaba said they expect to complete all the system and user account restorations by February 24. Deposits and withdrawals of cryptocurrency are also enabled. However, because of added safety measures, it will not yet be fully automated and users may still encounter delays.
The digital asset exchange also said they are in close coordination with the BSP on the matter.
Just last year, the Anti-Money Laundering Council (AMLC) urged Filipinos to be more “cautious and vigilant” in their digital transactions, as suspicious digital activity has been on the rise along with digital payments due to the pandemic.
The AMLC said some of these include fraudsters pretending to be affiliated with a government unit and a government agency in soliciting COVID-19 donations and Online shopping swindling schemes involving Bitcoins and other cryptocurrencies.