October 9, 2019 – COEX STAR Crypto Exchange officially launches in the Philippines with the platform now available for the general public to buy, sell, and trade cryptocurrencies. COEX STAR is a trademark of ABA Global Philippines Inc, a BSP-Licensed Virtual Currency Exchange in the country.
Upon checking COEX STAR’s website yesterday, we found the following cryptocurrencies have PHP trading pairs:
- Bitcoin Cash
- Bitcoin Gold
Picture above is taken from the COEX STAR Website on October 8, 2019.
There are also ongoing reward campaigns and incentives. For example, everyone who registers will have zero trading fees for the first 24 hours. Plus there is cash incentive to those who got verified up to level 4.
“COEX STAR will operate a ‘PESO’ market on the ‘COEX STAR’ exchange to provide convenient trading services for everyone especially in the Philippines.”
As per its Facebook page, COEX STAR reveals users are required to have a bank account for any deposit and withdrawal transactions. It further said:
“In principle, cryptocurrency exchanges in the Philippines can only buy and sell cryptocurrencies and withdrawal of cryptocurrency through automated machines (ATM) that must be approved by the central bank.”
One thing that is noteworthy on the website is a dedicated page that explains in layman terms how COEX STAR will follow the country’s laws on money laundering and anti-terrorism financing. To protect the public and to make sure proceeds going through COEX STAR originate from legitimate sources, the company will be strictly following the country’s anti-money laundering law. Among these rules include the designation of a Compliance Officer, KYC Rules, Regular Reporting, Monitoring, and Internal Audit Functions. For more information, check out this page from the COEX STAR website.
COEX STAR joins VHCEX, Coinvil, PDAX (Beta), and Coins Pro (Beta), as cryptocurrency exchanges with a virtual currency exchange license from the Bangko Sentral ng Pilipinas (BSP).
This article is first published on BitPinas: BSP-Licensed COEX STAR Crypto Exchange Launches Officially With Multiple PHP-Crypto Trading Pairs