- July 13, 2018 to include the correct website of Virtual Currency Philippines Inc.
- September 12, 2018 to include PDAX.
- October 31, 2018 to include Zybi Tech and PDAX’s “institution name” on BSP’s list.
- December 3, 2018 to include the proper name of Etranss’ exchange.
- March 11, 2019: Added a new exchange – Bexpress
- April 10, 2019: Added new companies – Coinville and ABA Global Phils
- June 6, 2019: Added Bitan Moneytech
- August 7, 2019: Added 2 new licensees, Telcoin and Atomtrans
- October 2019 to include ABA Global’s COEXSTAR Platform
- March 2020 to include Moneybees
- We appeal to your journalistic ethics to please consider attributing our website if you use this as a source/if you use the information here, such as website links and names to complement your research.
With the country having a stable $40 million worth of cryptocurrency transactions a month, many firms are vying for the coveted “virtual currency exchange license” in the Philippines to operate a business that can deal with “crypto to fiat” and “fiat to crypto” transactions.
The Bangko Sentral ng Pilipinas (BSP) reported that there are a number of companies applying to have a license to operate in the country.
This list will give you the name of the companies (in alphabetical order) who are licensed to convert Philippine Peso to cryptocurrency and vice versa.
*Take note that the license coming from the BSP covers the conversion of crypto to fiat and vice versa. This license does not cover an order-book style exchange.
Table of Contents
Betur, Inc. operates the wallet app Coins.ph. Founded by Ron Hose and Runar Petursson, the company was built to provide financial services to the unbanked.
Betur received its virtual currency license from the BSP in September 2017.
Coins.ph’ suite of cryptocurrency features include direct conversion of fiat (Philippine peso) to Bitcoin, Bitcoin cash, and ethereum and vice versa.
Betur also operates CX, a crypto exchange like Binance that offers users to trade cryptocurrency to Philippine fiat on the prices they set themselves.
On June 2018, the company announced that it has already serviced 5 million customers.
Official Website: http://coins.ph/
B Express (Bexpro)
(March 2019). We receive confirmation that Bexpress.ph, a crypto trading platform headquartered in Paranaque City had its VC licensed issued to them on March 5th, 2019 and formally received the licensed on March 11, 2019. B-Express mentioned to BitPinas that it offers a trading platform for buying and selling of Bitcoin, ethereum, XRP, etc. They are also going to have a mobile app called Bexpress Pro, now in its final stages of development.
Official Website: https://bexpro.ph/
The Central Bank included Bitan MoneyTech in its list of licensed virtual currency companies on March 31, 2019. Bitan MoneyTech aims to cater to “veteran traders while making sure that their trading platform is simple enough for beginners.”
With regards to the user’s funds. Bitan said it will store the majority of the digital asset in a “highly secure office offline wallet backed by insurance”.
BloomSolutions’ business involves using the blockchain and cryptocurrencies to make remittances faster and cheaper. It offers the technology to other remittance centers by using its BloomRemit API in order to upgrade traditional platforms. Bloom powers Bitcoin OTCs of Palawan Pawnshop, PSULIT, DA5, and Czarina Foreign Exchange.
BloomSolutions received its license from the BSP in May 2018.
BloomSolutions is also the company behind BloomX, a platform for forex and remittance agents to deal with cryptocurrencies.
- Read more: Lack of Awareness Hinders Blockchain Adoption in Remittances, Says Bloom Solutions Founder
Official Website: https://www.bloom.solutions/
The BSP announced on March 2019 that Coinville Phils Inc received its license as a virtual currency exchange. The company is engaged in foreign exchange dealing/money changing and or remittance business. They also act as a foreign dealer, money changer, or remittance agent, in accordance with the guidelines from the BSP. Coinville’s crypto exchange is now live.
GOW Exchange is the digital currency trading platform whose subsidiary – Etranss – is the owner of the BSP virtual currency exchange license.
GOW Exchange differentiates itself by positioning itself to provide service to institutional investors that want to convert fiat and cryptocurrencies. It claims to reduce OFW remittance cost by up to 98%.
ETranss received its license on July 2018.
Official Website: http://www.etranss.io/
Fyntegrate Inc operates PDAX (Philippine Digital Asset Exchange), a pure cryptocurrency trading platform designed to cut transaction costs whenever we exchange cryptocurrency to fiat and vice versa. The site is currently in beta but when it launched, it will over trading pairs for Bitcoin, ethereum, litecoin, and more locally in-demand coins.
As stated on its website, it will offer cash in options through platforms like Paymaya, GCASH, Bancnet, 7-eleven, ECPay, and Expresspay.
PDAX received its license on September 2018.
Official Website: http://pdax.ph/
Rebittance, Inc. is a wholly-owned subsidiary of Satoshi Citadel Industries (SCI or SCI Ventures). It is one of the pioneer blockchain companies in the Philippines. The company operates the following products:
- BuyBitcoin.ph – Bitcoin buy and sell website
- Bitbit – Peso and Crypto wallet
- Rebit – Remit money to the Philippines using Bitcoin
- Citadax – Cryptocurrency Exchange
Rebittance received its license on October 2017.
Official Website: https://sci.ph/
Virtual Currency Philippines, Inc.
Virtual Currency Philippines Inc (VCPI) made the announcement of launching in the Philippines last February 2018 (Check this video). The digital currency exchange supports Bitcoin, ethereum, and other tokens. It is already live, a launch event was attended by BitPinas where the company announced a partnership with Ecpay and NEM Philippines.
Official Website: https://vhcex.com
Zybi Tech Inc
Zybi Tech’s Juan Exchange received its license in 2018 and intended to launch a crypto exchange, a mobile wallet, and many other solutions concerning cryptocurrency and blockchain. The exchange had a grand launching last July 2019. BitPinas attended the soft launching last May.
ABA Global Philippines Inc. under the trade name of COEXSTAR obtained the BSP license on March 21 , 2019. Its head office is in Makati and headed by Mr. Seungchan Lee. The company launches its cryptocurrency exchange with multiple PHP pairs for Bitcoin, Ethereum, and even other coins like EOS and ENJIN. In an earlier report, we highlighted COEXSTAR’s very detailed AML Guidelines which is available on its website. As of October 2019, COEXSTAR has multiple campaigns to rewards new users of the platform.
Telcoin operates a mobile wallet that allows transfer of money anywhere. Telcoin is also a cryptocurrency based on Ethereum with the intention of being accepted by Telco operators, with a partnership with mobile telco smart seemed to have pushed through under the radar. The wallet is available on the App Store and Google Play. We will have a more in-depth article on Telcoin soon.
According to a job posting, Atomtrans Tech is composed of “a team of executives and blockchain technologies from a group of professional payment agencies with over 30,000 hours of cross-border payments and international remittances”. The page also claims that the company has trading service centers in the Philippines, Japan, and other places.
From its company page, it says it has a cooperation agreement with China UnionPay as well as a partnership with Unionbank with which we are asking the bank for some clarification. Update: I talked to UnionBank confirming Atomtrans has an account with them, but clarifies that that’s the extent of their relationship with them.
Moneybees obtained its VCE license on Q1 2020. Founded in 2017, Moneybees enables moneychangers to incorporate cryptocurrencies in their branches. It provides the technology so that moneychanger companies can accept and facilitate cryptocurrency transactions. In an interview, Moneybees Executive Paulo del Puerto said “Customers can just walk in a branch, and buy crypto with cash or get outright cash when selling their crypto. The best part is, they can use any crypto wallet they prefer.”
According to the Bangko Sentral ng Pilipinas’ (BSP) Director Chuchi Fonacier, there are more than two dozen companies seeking to have a virtual currency exchange license. All of which are in different stages of approval.
Editor’s Note: If you are a licensed VC exchange in the Philippines but not yet included in this article, please ping us over email or via telegram. Also, you are welcome to let us know any updates about your company, licenses, etc. Everything mentioned in this article is based on public-facing documents and releases, such as press releases from the BSP and confirmed information from the head of the exchanges themselves.
This article is first published on BitPinas: List of Licensed Virtual Currency Exchanges in the Philippines.
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