After performing a system maintenance review following a surge in cryptocurrency trading last week, the Philippine Digital Asset Exchange (PDAX) platform is now fully operating. PDAX has reactivated the capabilities of users to cash in and out of a transaction and to purchase and sell cryptocurrencies.
Although a tiny 0.2 percent portion of the user base remains unable to access their accounts, by February 24, PDAX expects to complete all device and user account restorations. Crypto currency deposits and withdrawals are also allowed. However, it will not yet be completely automated due to additional safety measures and users may also experience delays.
This was shared by PDAX Founder and CEO Nichel Gaba in a virtual press conference on February 23 as he assured the public that the PDAX accounts have always been safe and secure.
Gaba elaborated further, “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,” He acknowledged the concern and anxiety that PDAX users felt during the downtime, but reiterated that the 36-hour system check was necessary to “protect them, the public, and the integrity of the market.”
The PDAX team immediately investigated, detecting the unusual flurry of activity almost as soon as it began. “As Gaba described it, “When we noticed out an unfunded order made it to the system, we shut down the exchange to avoid other accounts from being impacted by that order. We have a total of 2,800 infected user accounts registered. We took the 36-hour outage, however, to safeguard the public and the crypto market. We’ve already restored all the accounts today. Yet, withdrawals will remain a manual process because of some certain steps we’re still working on.
Gaba also specified that “in many jurisdictions, some cryptocurrency trading platforms are unregulated which means risks are extremely high. But what we can assure the public is that PDAX is overseen by the Bangko Sentral ng Pilipinas (BSP). We are happy to work with the BSP to protect the crypto industry.”
Given the unabated interest in cryptocurrency, which can propel future surges and drive price values and volumes higher, PDAX continues to scale up its capabilities to improve customer service and protect the public. Gaba revealed that by March 2021, the exchange will “be looking to triple our headcount. We are a small company that has to scale up. We have a very lean team and we’re working on increasing our customer support whom users can immediately turn to during incidents like these. Over the next two months, we will be closely examining our corrections to ensure that every transaction made on the PDAX system is safe, accurate, and compliant.”
As global cryptocurrency projects develop and exchanges around the world increase their ability and standard of service to the public, PDAX’s strong collaboration and cooperation with the BSP and other government agencies will likewise continue. “We understand the frustrations of our users very much, especially those belonging to the remaining 0.2% who are still unable to access their accounts,” Gaba said. We in PDAX are committed to working to strengthen our processes around the clock.
He also reaffirmed PDAX’s vision of inclusion as public service: “PDAX was started because I believe Filipinos deserve a safe and regulated trading environment. I hope that, as we deal with this incident in close coordination with the regulating authorities, we are able to handle this in a way that protects the market’s interest and enable it to grow from where it is today.”