[Offline Again?] Maya's Crypto App Briefly Back Online After Prolonged Downtime | Key Points | June 27, 2024

Maya's crypto product recently went back online after being under maintenance mode since atleast Sunday, various reports compiled by BitPinas suggested.

After being down for several days, Maya’s crypto product went back online briefly, but users reported limited functionality. As of 9:22am today, June 27, 2024, the crypto app is offline again.

What Happened: Maya’s crypto product became briefly available again on Monday morning, various reports compiled by BitPinas suggested. However, users reported that while they can buy crypto, they cannot sell or transfer their crypto out.

One user reported that they were able to buy crypto on Maya again on Monday morning. However, when they tried to sell their crypto, they encountered an error message that said, “This feature is currently unavailable.”

Another user reported that they were also unable to transfer their crypto out of Maya. When they tried to do so, they encountered an error message that said, “We’re sorry, but you cannot transfer crypto out of Maya at this time. Please try again later.”

As of 9:22am today, the crypto app is once again offline and “will be back shortly.”

Zooming out: Maya is one of the most recognizable e-wallets in the Philippines with more than 50 million users. The company secured a virtual asset service provider (VASP) license in 2021, allowing it to operate as a licensed crypto exchange in the Philippines. Maya is also a licensed digital bank.

However, Maya’s crypto offerings have lagged behind other licensed competitors. The company offers a limited selection of tokens and does not allow users to trade crypto derivatives.

The bottom line: Local players, including crypto exchanges, are attempting to gain market share in a space largely dominated by the non-licensed exchange Binance by adding more tokens and more financial products. However, incidents like this are not going to do the local industry any favor.

Last update: Maya had previously released the following statement recently to BitPinas:

We recently identified an issue with our crypto service caused by a vendor’s system. As a precaution, we have temporarily placed our crypto service into maintenance mode to address this. No other Maya services were affected, and all other Maya services continue to operate normally.

We want to assure our customers that their crypto funds remain secure. Our team is actively working to restore the crypto service as quickly as possible. We appreciate your understanding and patience and sincerely apologize for any inconvenience.

What’s next: BitPinas will be monitoring the situation and will report back once Maya’s crypto offering is truly back online.