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 the country for on-site visits to the local companies.

On-site visit

In this issue, the survey team went to the Philippines to visit cryptocurrency exchange COEX STAR as planned according to its regulatory address that Level 22 & 36, Tower 1, The Enterprise Center 6766 Ayala Avenue Corner Paseo De Roxas 1226 Makati City, Metro Manila.

The investigators came to Makati City in Metro Manila of the Philippines for a visit to the exchanges office on March 26, 2024, and located the Enterprise Center, one of the prestigious office buildings in the commercial area of the city. Situated in the prime area, the complex building encompasses two modern towers.

Upon arrival at the building for further investigation, the survey personnel spotted a directory in the lobby, which didnt display any information pertinent to COEX STAR. According to the directory, the 22nd floor was occupied by “DBS Bank”, “China Eastern Airlines”, and “UL Verification Services”, while the 36th floor was occupied by Publicis Re:sources.

After reaching the 22nd floor, the inquiry team discovered a seemingly co-working space with 5-6 offices, which were respectively occupied by China Eastern Airlines, Dyan Binary Holding Inc., and DBS Bank office in Manila. However, there wasnt any information concerning COEX STAR including its company name and logo.

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 COEX STAR, 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.