Uncollected Balances

1. What are "Uncollected Balances"?

Uncollected balances refer to any fiat currency or digital assets (e.g., cryptocurrency) that have not been withdrawn by the user within the provided period before an account closure and/or termination. 

Please note that funds or assets sent to a closed or terminated PDAX account will be considered as “unclaimed assets or funds”. For more information about “unclaimed assets or funds”, see here. 

2. What are “Closed PDAX Accounts” and “Terminated PDAX Accounts”?

A closed PDAX account is an account closed at the user’s request. On the other hand, a terminated PDAX account is an account terminated by PDAX due to a number of reasons, including when a user commits a violation of the PDAX Terms and Conditions.

Before a PDAX account is closed or terminated, the account owner will be notified and given time to withdraw any remaining balance, to the extent allowed by applicable law.

Once a PDAX account is closed or terminated: 

• PDAX will convert all remaining digital assets to PHP. Any remaining assets and funds will be subject to a monthly penalty. 

• The PDAX user will no longer be considered a user of the PDAX Platform. Meaning, they will no longer be able to access the closed or terminated PDAX account.

• If you need help recovering your remaining balance, please contact support@pdax.ph

3. Is there a penalty for uncollected balances?

Yes. You will be subject to an uncollected balance penalty.

Any uncollected balance remaining in a closed or terminated PDAX Account will be subject to a monthly penalty amounting to 3% of the entire unclaimed balance, or PHP 3,000, whichever is higher.

4. What happens if my uncollected balance is below PHP 3,000?

If your uncollected balance is below PHP 3,000 when the penalty is applied, the penalty will be deducted from your uncollected  balance. 

5. When will the uncollected balance penalty be deducted?

The uncollected balance penalty will be applied based on when the account was terminated or closed:

• For accounts closed or terminated from the 1st to the 20th of the current month, the penalty begins on the 20th of the following month.

• For accounts closed or terminated  from the 21st to the 31st of the current month, the penalty will begin on the 20th of the month after next.

Sample Scenario:

1. Scenario 1: If a user’s account is terminated with an effective date of January 19, 2026 (assuming that the user was informed on January 12 that his account will be terminated on January 19), and he fails to withdraw his remaining balance of PHP 50,000 before February 20, 2026, the penalty will be computed and applied as follows:

   1. The penalty is the higher of either 3% of the uncollected balance or PHP 3,000. Since 3% of PHP 50,000 is PHP 1,500, the penalty of PHP 3,000 will be applied.

   2. The PHP 3,000 will be applied starting February 20, 2026 and every 20th day of the month thereafter. 

   3. Note that no penalty will be imposed on January 20, 2026.

2. Scenario 2: If a user’s account is terminated with an effective date of February 21, 2026 (assuming that the user was informed on February 14 that his account will be terminated on February 21), and he fails to withdraw his remaining balance of PHP 50,000, the penalty will be computed and applied as follows:

   1. On March 20, 2026, no penalty will be imposed

   2. On April 20, 2026, the penalty is the higher of either 3% of the transaction amount or PHP 3,000. Since 3% of PHP 150,000 is PHP 4,500, the penalty of PHP 4,500 will be applied.

   3. The PHP 4,500 will be applied starting April 20, 2026 and every 20th day of the month thereafter.

3. Scenario 3: If a user’s account is terminated with an effective date of January 8, 2026 (assuming that the user was informed on January 1 that his account will be terminated on January 8), and he fails to withdraw his remaining balance of 50 XRP before January 8, 2026, the 50 XRP will be converted to PHP at the effective date of termination, and the penalty will be computed and applied as follows:

   1. Assuming 1 XRP = PHP 63.50 on January 8, 2026, the 50 XRP will be converted into PHP 3,175 on January 8, 2026. Note that the conversion rate will be based on the day of liquidation. 

   2. On January 20, no penalty will be imposed

   3. On February 20, the penalty is the higher of either 3% of the uncollected balance or PHP 3,000. Since 3% of PHP 3,175 is PHP 95.25, the penalty of PHP 3,000 will be applied.

   4. The PHP 3,000 penalty will be applied starting February 20, 2026 and every 20th day of the month thereafter.

4. Scenario 4: If a user’s account is closed or terminated with an effective date of January 19, 2026 (assuming that the user was informed on January 12 that his account will be closed or terminated on January 19), and digital assets were transferred to his closed or terminated account, the digital asset sent will be treated as an unclaimed asset. For more information on how  “unclaimed assets or funds” are treated, see here.

6. What should I do if I think I have uncollected balances?

If you think you have an uncollected balance, please contact support@pdax.ph as soon as possible so we can help determine the next steps.

Disclaimer:

The contents herein are provided for general informational purposes only and should not be considered as definitive legal, business or tax advice. Trading with any financial product or digital asset (including cryptocurrency) is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.

Prospective purchasers or sellers of financial products should consult their own counsel, accountants or other advisors as to legal, tax, business, financial and related aspects of the purchase of such financial product, among others. PHILIPPINE DIGITAL ASSET EXCHANGE (PDAX), INC. does not guarantee the performance, and the technical and financial integrity, of the digital assets and their ecosystems, and, to the extent allowed by law, shall not be responsible for any loss sustained by the customer.

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, your PDAX Account, and the particulars of the Order and/or Transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name.

PHILIPPINE DIGITAL ASSET EXCHANGE  (PDAX), INC. is regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels: Email: consumeraffairs@bsp.gov.ph; Webchat: https://www.bsp.gov.ph (click webchat feature); Facebook:https://www.facebook.com/BangkoSentralngPilipinas; Direct Line: (02) 5306 2584 / (02) 8708 7087; Trunk Line: (02) 8708 7701 loc. 2584; or SMS: 21582277 (for Globe subscribers only). For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.