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 MONEYBEES as planned according to its regulatory address that 4/F Unit C & D Commerce and Industry Plaza Building 1030 Campus Avenue, Mckinley Hill, Taguig City, Metro Manila.

The investigators came to 1030 Campus Avenue in Taguig City of Metro Manila, the Philippines for a visit to the exchange‘s office on March 26, 2024, and located Commerce and Industry Plaza Building, a modern commercial building in close proximity to City of Dreams Manila. And there was an outdoor directory, which, however, didn’t display any information concerning MONEYBEES.

Upon arrival at the building for further investigation, the survey personnel spotted a reception area and a directory in the lobby. According to the directory, the 4th floor was occupied by two companies, Regus Commerce & Industry Plaza and a cosmetics company, without any information pertinent to MONEYBEES. Additionally, people werent allowed to visit the floor upstairs without an access card due to the stringent security rules in the building.

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 MONEYBEES, 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.