Coins.ph Forms Alliance with Licensed Crypto Exchanges in Southeast Asia

• Coins.ph initiated the Digital Asset Exchange Alliance (DAEA) with Coinhako (Singapore), Indodax (Indonesia), and Bitkub (Thailand).
• The strategic partnership focuses on uniting licensed exchanges to enhance regulatory compliance, share protocols, promote financial literacy, consumer protection, and responsible trading practices.
• The CEOs of the Exchanges all expressed enthusiasm for their combined effort in contributing to a stronger cryptocurrency ecosystem in Southeast Asia.

Coins.ph has taken a step in forming the Digital Asset Exchange Alliance (DAEA). This strategic alliance formed alongside other licensed exchanges in Southeast Asia — Coinhako (Singapore), Indodax (Indonesia), and Bitkub (Thailand) — aims to unite the expertise of these regulated exchanges to bolster regulatory compliance across the region.

Objectives of the Digital Asset Exchange Alliance

In a media release, Coins.ph said this alliance is committed to sharing protocols and best practices, with a strong focus on promoting financial literacy, safeguarding consumer interests, and advocating for responsible trading practices.

A critical goal of the DAEA is to educate users about the advantages of trading on licensed platforms and the importance of adhering to regulatory guidelines, the local exchange mentioned.

“We believe that the combined efforts of this Alliance will contribute to building a stronger, more resilient cryptocurrency ecosystem in Southeast Asia.”

Wei Zhou, CEO, Coins.ph

Echoing Zhou’s sentiments, Coinhako CEO Yusho Liu emphasized the critical role of licensed exchanges:

“This Alliance is a significant milestone for Coinhako and the entire cryptocurrency industry. We believe that licensed exchanges have a vital role to play in fostering trust and growth in the crypto space.”

Yusho Liu, CEO, Coinhako

Accordingly, Bitkub CEO Atthakit Chimphalapibul also emphasized the company’s commitment to providing a secure and compliant trading platform.

“This Alliance is a significant step toward ensuring that the cryptocurrency industry in our region continues to evolve responsibly… By working closely, we can create a significant impact on shaping the regulatory framework and fostering trust.”

Atthakit Chimphalapibul, CEO, Bitkub

Indodax’s CTO, Willam Susanto, also expressed excitement about joining the initiative and anticipates contributing insights on navigating Indonesia’s regulatory landscape. 

Digital Asset Exchange Alliance Members

• Coins.ph: This platform allows users in the Philippines to buy, sell, and store cryptocurrencies. With over 18 million users, it holds licenses from the Bangko Sentral ng Pilipinas (BSP), offering diverse services including a mobile wallet and a digital currency exchange.
• Coinhako: A pioneer in Singapore’s cryptocurrency exchange sector, Coinhako, founded in 2014, holds a Major Payment Institution license from the Monetary Authority of Singapore.
• Indodax: Indonesia’s largest cryptocurrency exchange, Indodax boasts over 5.8 million members and holds three international ISO certifications.
• Bitkub: Established in Thailand in 2018, Bitkub offers advanced services for cryptocurrency transactions and was among the first to receive a digital asset license from Thailand’s Securities and Exchange Commission.

Recent Developments at Coins.ph

Coins TradeDesk volume exceeds $1 billion

Recently, the exchange announced that its TradeDesk service has achieved a trading volume exceeding $1 billion year to date. Moreover, Coins.ph also recently added support for $PYUSD, PayPal’s USD-pegged stablecoin, aiming to boost blockchain technology for cross-border transfers.

Coins announced improved recovery procedure

Moreover, the exchange also introduced a recovery procedure to assist users in recovering assets related to blockchain transactions. The feature will allow users to reclaim assets sent with incorrect destination tags, transactions on unsupported networks, and deposits made with unsupported tokens, including associated fees.

Coins.ph and XRP Issue

However, the platform faced challenges in November, with a data breach affecting a small percentage of users.

In October, a potential security breach also happened which resulted in the theft of around $6 million worth of XRP, with Chainalysis identifying and labeling the compromised funds. The exchange has not provided official comments on the incident.

This article is published on BitPinas: Coins.ph Forms Alliance With Licensed Crypto Exchanges in Southeast Asia

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