But instead of excitement, the chatter going around in business circles is revolving around something else entirely: who’s standing behind this new platform?
This new firm has been allowed leeway to operate on a trial period although details on its partnership with a global crypto exchange have yet to be disclosed.
This secrecy around the process has fueled talk this partner might be Binance, the crypto giant banned in the Philippines in 2024. It’s said to be seeking a return path to the booming local market that has already eclipsed the Philippine Stock Exchange in accounts.
Officially, the Securities and Exchange Commission blocked Binance for operating without the required local permits.
But that came against the broader backdrop of the company pleading guilty in a historic anti-money laundering crackdown in the United States.
Binance has also gained notoriety in the Philippines after the platform was mentioned in investigations tied to the flood control corruption scandal, where alleged beneficiaries used crypto wallets to move funds.
While it’s true Binance is banned, local users can still access it through virtual private networks or VPNs.
The connection to the flood control controversy is relevant now since some of this company’s shareholders are known associates of a powerful political figure implicated in the scandal.
The influence also appears to reach deep into the regulatory side, with one key official allegedly determined to shepherd the approval through.
What business these personalities have operating a crypto exchange is anyone’s guess.
But with the scrutiny around this segment and dirty money at the highest it's been in recent times, that confidence alone is telling.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
