BSP Monetary Board Cancels Bexpress’ VASP Crypto License

The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has cancelled the registration of BEXPRESS, INC. through Resolution No. 1212. A, dated September 14, 2023, the Monetary Board has revoked BEXPRESS, INC.’s Certificate of Registration as a Remittance and Transfer Company with Type “A” Remittance Agent and Virtual Currency Exchange service, now classified as a Virtual Asset Service Provider (VASP).

The revocation is noteworthy given that BEXPRESS, INC. was among the limited circle of only 19 entities in the Philippines holding a VASP license. This license, initially granted in 2019, had permitted the company to legally engage in crypto-to-fiat transactions.

For a list of licensed virtual asset service providers in the Philippines, click here.

BitPinas has requested comments from Bexpress.

BEXPRESS, INC.’s cancellation is in line with Section 902-N, as amended by Circular No. 1108 dated January 26, 2021, under the Manual of Regulations for Non-Bank Financial Institutions. This regulatory framework is a component of the BSP’s strategy to regulate the digital currency market in the Philippines.

The Monetary Board, as the highest policy-making body of the BSP, is responsible for setting the direction and policies on monetary and banking matters in the Philippines.

Founded in 2016, BEXPRESS, which operates the BEXPRO or BEXPRESS PRO exchange offered an online trading platform supporting various cryptocurrencies.

The specific reasons for the Monetary Board’s decision to revoke BEXPRESS, INC.’s registration have not been made public.

The Bexpress Pro Facebook page has not been updated since February of this year.

The news is on the heels of a recent advisory from the Securities and Exchange Commission (SEC) vs Binance for unauthorized operations in the country.

For a list of licensed virtual asset service providers in the Philippines, click here.

This article is published on BitPinas: BSP Cancels Bexpress’ VASP Crypto License

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