Reason for this visit

The Philippines is one of the countries in Southeast Asia with a significant volume of cryptocurrency trading. The main cryptocurrencies include Bitcoin, Ethereum, and others. In 2017, the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, issued the first set of regulations concerning cryptocurrencies, requiring any company involved in cryptocurrency to register and obtain approval from the BSP. In recent years, the Philippine government and regulatory bodies have shown a relatively open and positive attitude towards cryptocurrencies, creating a favorable environment for the industry‘s development. With the improvement of regulatory frameworks and government support, the Philippines is poised to become one of the cryptocurrency innovation hubs in Southeast Asia. The cryptocurrency market in the Philippines is showing promising development, and the government’s stance towards the industry is positive, indicating good prospects for future growth. In an attempt to provide investors with a more comprehensive understanding of cryptocurrency exchanges in the Philippines, WikiBit survey team plans to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to the Philippines to visit cryptocurrency exchange GOW as planned according to its regulatory address that Ground Floor, At JX Tower, Block 2, Lot 17, Fuentes Street Cor. San Pedro Street, Aseana Eclave, Aseana City, Paraῆaque City.

The investigators came to Aseana City in Paraῆaque of Metro Manila, the Philippines for a visit to the exchanges office on March 26, 2024, and located JX Tower a modern commercial building on the corner of Fuentes Street and San Pedro Street in a commercial center of the city.

Upon arrival at the building for further investigation, the survey personnel managed to know that people werent allowed to enter without an access card. Consequently, the team failed to go into the building. According to the security guards, they had never heard of GOW.

Through the on-site investigation, it is confirmed that the company doesnt have a presence at the location.

Conclusion

The survey team went to the Philippines to visit cryptocurrency exchange GOW, but didnt find the company at its regulatory address. This signifies that the company might just register with the address without a physical business office. Accordingly, investors should be meticulous in choosing the exchange.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.