Journalism plays a crucial role in shaping the future of the crypto and blockchain space, and our goal is to spark meaningful conversations that drive change and deepen the enthusiasts’ understanding of the digital asset world.
As we close out the year, this article highlights the top 5 most impactful stories of 2024, focusing on significant developments in the cryptocurrency and blockchain sectors in the Philippines.
- These stories reflect the key moments and challenges that defined the year for the crypto community.
Moving forward, BitPinas is committed to bringing you the latest insights and news to help you stay informed and prepared for what’s next in the world of crypto. Thank you for being a part of this journey with us.
Here are the top BitPinas stories that made an impact in 2024:
Top 5 Most Impactful BitPinas Stories of 2024
Binance Banned in the Philippines
Following the Philippines Securities and Exchange Commission (SEC)’s issuance of an advisory against Binance for unauthorized operations in December 2024, BitPinas continued to follow the story.
- And on March of the year, the regulator with support from the National Telecommunications Commission, ordered Internet Service Providers to block the exchange, citing risks to Filipino investors and the platform’s lack of a proper license.
BitPinas articles after the ban:
Currently, the Binance app remains accessible, but the website is only reachable through a VPN. Additionally, Filipinos could not play Binance’s Telegram game, Moonbix, without using a VPN.
- In April, the SEC urged Google and Apple to remove Binance-related apps from their stores due to securities law violations; by July, the Commission remained optimistic about the request, but no updates have been provided since.
Accordingly, due to differing opinions on crypto regulation, the Filipino crypto community faces varied approaches, from stricter bans on unregistered exchanges to awaiting the lifting of the pause on new virtual asset service providers.
Nonetheless, the Philippines still lacks crypto-focused laws, but Finance Secretary Ralph Recto has proposed collaborating with the SEC to draft guidelines, assuring no new taxes on crypto profits during his term.
- Recently, the Philippine National Police also called for stronger regulations following a joint raid on a suspected crypto scam hub in Manila, resulting in 116 arrests.
These events reflect the Philippines’ struggle with crypto regulation, as the SEC’s actions against Binance and recent scams highlight the need for clear laws to protect investors while balancing innovation.
Maya 1 Peso $USDC
Last November, the e-wallet Maya encountered a major pricing glitch where $USDC, a cryptocurrency pegged to the U.S. dollar, was mistakenly sold at ₱1 per token instead of its usual exchange rate.
Users who noticed the error quickly bought large amounts of $USDC, with one individual reportedly investing ₱110,000 and realizing a profit of ₱5.79 million.
- However, due to Maya’s withdrawal limits, they were only able to withdraw ₱50,000 before their account was frozen.
- Maya not only froze the accounts of affected users but also drained their balances, including non-crypto funds, citing the recovery of lost amounts.
Additionally, Maya demanded repayments, with some users reportedly receiving notices to return significant sums, including one case where a user was asked to pay ₱226,000 without clear computation.
Accordingly, Maya faced widespread backlash after demanding users return profits, with opinions divided over whether the platform should take responsibility for the glitch or if users acted unethically by exploiting the error.
- The news sparked debate on platform accountability and user rights, as Maya’s demand for users to return profits from a pricing error raises concerns about responsibility for glitches, the risks of third-party crypto services, and the need for platforms to reassess policies to maintain user trust.
Coins Audited Financial Statements
In late November, BitPinas published an article discussing financial difficulties faced by locally licensed exchange Coins.ph, as revealed in its 2023 Audited Financial Statements (AFS).
Key Details:
- ₱2.5 Billion ($44 Million) Accumulated Deficit: Coins.ph (Betur) reported a ₱2.5 billion accumulated deficit, crypto reserve deficits (such as a ₱192 million deficit in XRP), and capital deficiency amounting to ₱666.4 million.
- XRP Hack Confirmed: Coins.ph disclosed a ₱192 million ($3.4 million) XRP deficit from a 2023 hack. if all customers withdrew their XRP from Coins.ph on December 31, 2023, the XRP reserves of the company may not be sufficient to cover all customer withdrawals
- Auditor Warning: The auditor flagged a “going concern” issue of its ability to continue operating, citing failure to meet the central bank’s capitalization requirements.
- Capital Infusion: Coins has answered inquiries from BitPinas and said they did additional capital infusion but they have not provided supporting SEC filings to confirm this.
The Aftermath:
While the audit pertains to the company’s financial statements in 2023, and with CEO Wei Zhou engaging in multiple discussions to defend the company’s current 2024 financial position, the final questions that remained unanswered are
- How come there are deficits in the first place?
- Why did the company not disclose the XRP hack that happened in 2023, despite multiple requests from multiple outlets, BitPinas included?
In the background of all of these, certain BitPinas staff have been approached by certain organizations, requesting the outlet to tone down their coverage of the issue because Filipinos are getting scared to try crypto.
This led to three things:
- A public statement by Editor-in-Chief Michael Mislos calling out the subtle demand to self-censor.
- The Coins.ph founder Ron Hose joining the discussion to call out the incidents at Coins.ph.
- Coins.ph stopped all communications with BitPinas, such as being excluded from any press releases distributed by the company.
What happened next was a very public spat between Hose and Zhou, with Zhou defending the company’s actions and Hose criticizing the handling of the situation, particularly the unresolved financial issues and the auditor’s concerns about the company’s ability to continue operating. (Check out the full article here)
What’s Going to Happen Next: BitPinas awaits the comment of Bangko Sentral ng Pilipinas (BSP) about the issue.
- Coins.ph is registered as a Virtual Asset Service Provider (VASP) granted by BSP under the name Betur Inc.
WFH vs. Onsite Work Debate
After a TikTok video from Nimbyx went viral in August for seemingly criticizing the work-from-home setup as “making you dumber every day,” BitPinas released an article exploring how remote work complements the decentralized ethos of the crypto industry.
- It highlights insights from Philippine-based web3 professionals who emphasize its advantages—flexibility, global opportunities, and cost savings—while addressing challenges like market volatility and remote collaboration.
Some of the noted benefits are:
- Flexibility: Ability to manage personal and professional tasks with ease.
- Global Opportunities: Access to jobs and teams worldwide, unrestricted by location.
- Cost Savings: Significant reduction in transportation and work-related expenses.
- Enhanced Work-Life Balance: Time for personal well-being, home-cooked meals, and rest.
- Efficient Work Environment: No commuting leads to increased focus and productivity.
- Career Growth: Opportunity to work on multiple projects or companies simultaneously.
- Networking and Discovery: Easier access to global Web3 communities and opportunities.
- Energy Conservation: More energy for important events and recovery afterward.
- Aligned Interests: Freedom to choose projects matching personal values and passions.
- Simplified Wardrobe: Reduced need for formal clothing and less laundry effort.
In October, Nimbyx CEO Paolo Kalaw clarified the infamous statement during a keynote speech at the FutureProof Tech Summit 2024. He explained that while remote work enhances task productivity, it may limit adaptability to organizational changes and innovation.
- Kalaw emphasized the importance of evolving skills, networking, and mastering AI tools to thrive in a remote setup.
The article explored how remote work not only supports web3 professionals but also offers advantages for employees across various industries.
Pisay-DigiCert
Stepping out of just a crypto use case, the Philippine Science High School (Pisay) launched the Pisay-DigiCert initiative, a project aimed at enhancing the security and management of student records using blockchain technology.
In September, an interview with Joel Bautista, chief of the Knowledge Innovation Division at the Philippine Science High School, discussed the Pisay-DigiCert initiative.
- Bautista explained how the idea originated from a blockchain training program by the Department of Science and Technology and how blockchain is being used to create portable, digitally secure student records.
- He also touched on future potential applications of blockchain in education, including micro-credentialing and transparent voting systems.
The launch of the initiative highlighted to skeptics—especially those who are not well-informed—that blockchain has applications beyond cryptocurrency.
- There’s a common misconception that blockchain is synonymous with crypto, but seeing an elite public high school implement it helps broaden understanding and showcases its potential in various sectors.
Other Blockchain Use Case News in 2024:
This article is published on BitPinas: From Binance Ban to Blockchain Education: The Most Impactful BitPinas Stories of 2024 Journalism plays a crucial role in shaping the future of the crypto and blockchain space, and our goal is to spark meaningful conversations that drive change and deepen the enthusiasts’ understanding of the digital asset world.
As we close out the year, this article highlights the top 5 most impactful stories of 2024, focusing on significant developments in the cryptocurrency and blockchain sectors in the Philippines.
- These stories reflect the key moments and challenges that defined the year for the crypto community.
Moving forward, BitPinas is committed to bringing you the latest insights and news to help you stay informed and prepared for what’s next in the world of crypto. Thank you for being a part of this journey with us.
Here are the top BitPinas stories that made an impact in 2024:
Top 5 Most Impactful BitPinas Stories of 2024
Binance Banned in the Philippines
Following the Philippines Securities and Exchange Commission (SEC)’s issuance of an advisory against Binance for unauthorized operations in December 2024, BitPinas continued to follow the story.
- And on March of the year, the regulator with support from the National Telecommunications Commission, ordered Internet Service Providers to block the exchange, citing risks to Filipino investors and the platform’s lack of a proper license.
BitPinas Articles After the Ban:
Currently, the Binance app remains accessible, but the website is only reachable through a VPN. Additionally, Filipinos could not play Binance’s Telegram game, Moonbix, without using a VPN.
- In April, the SEC urged Google and Apple to remove Binance-related apps from their stores due to securities law violations; by July, the Commission remained optimistic about the request, but no updates have been provided since.
Accordingly, due to differing opinions on crypto regulation, the Filipino crypto community faces varied approaches, from stricter bans on unregistered exchanges to awaiting the lifting of the pause on new virtual asset service providers.
Nonetheless, the Philippines still lacks crypto-focused laws, but Finance Secretary Ralph Recto has proposed collaborating with the SEC to draft guidelines, assuring no new taxes on crypto profits during his term.
- Recently, the Philippine National Police also called for stronger regulations following a joint raid on a suspected crypto scam hub in Manila, resulting in 116 arrests.
These events reflect the Philippines’ struggle with crypto regulation, as the SEC’s actions against Binance and recent scams highlight the need for clear laws to protect investors while balancing innovation.
Maya 1 Peso $USDC
Last November, the e-wallet Maya encountered a major pricing glitch where $USDC, a cryptocurrency pegged to the U.S. dollar, was mistakenly sold at ₱1 per token instead of its usual exchange rate.
Users who noticed the error quickly bought large amounts of $USDC, with one individual reportedly investing ₱110,000 and realizing a profit of ₱5.79 million.
- However, due to Maya’s withdrawal limits, they were only able to withdraw ₱50,000 before their account was frozen.
- Maya not only froze the accounts of affected users but also drained their balances, including non-crypto funds, citing the recovery of lost amounts.
Additionally, Maya demanded repayments, with some users reportedly receiving notices to return significant sums, including one case where a user was asked to pay ₱226,000 without clear computation.
Accordingly, Maya faced widespread backlash after demanding users return profits, with opinions divided over whether the platform should take responsibility for the glitch or if users acted unethically by exploiting the error.
- The news sparked debate on platform accountability and user rights, as Maya’s demand for users to return profits from a pricing error raises concerns about responsibility for glitches, the risks of third-party crypto services, and the need for platforms to reassess policies to maintain user trust.
Coins Audited Financial Statements
In late November, BitPinas published an article discussing financial difficulties faced by locally licensed exchange Coins.ph, as revealed in its 2023 Audited Financial Statements (AFS).
Key Details:
- ₱2.5 Billion ($44 Million) Accumulated Deficit: Coins.ph (Betur) reported a ₱2.5 billion accumulated deficit, crypto reserve deficits (such as a ₱192 million deficit in XRP), and capital deficiency amounting to ₱666.4 million.
- XRP Hack Confirmed: Coins.ph disclosed a ₱192 million ($3.4 million) XRP deficit from a 2023 hack. if all customers withdrew their XRP from Coins.ph on December 31, 2023, the XRP reserves of the company may not be sufficient to cover all customer withdrawals
- Auditor Warning: The auditor flagged a “going concern” issue of its ability to continue operating, citing failure to meet the central bank’s capitalization requirements.
- Capital Infusion: Coins has answered inquiries from BitPinas and said they did additional capital infusion but they have not provided supporting SEC filings to confirm this.
The Aftermath:
While the audit pertains to the company’s financial statements in 2023, and with CEO Wei Zhou engaging in multiple discussions to defend the company’s current 2024 financial position, the final questions that remained unanswered are
- How come there are deficits in the first place?
- Why did the company not disclose the XRP hack that happened in 2023, despite multiple requests from multiple outlets, BitPinas included?
In the background of all of these, certain BitPinas staff have been approached by certain organizations, requesting the outlet to tone down their coverage of the issue because Filipinos are getting scared to try crypto.
This Led to Three Things:
- A public statement by Editor-in-Chief Michael Mislos calling out the subtle demand to self-censor.
- The Coins.ph founder Ron Hose joining the discussion to call out the incidents at Coins.ph.
- Coins.ph stopped all communications with BitPinas, such as being excluded from any press releases distributed by the company.
What happened next was a very public spat between Hose and Zhou, with Zhou defending the company’s actions and Hose criticizing the handling of the situation, particularly the unresolved financial issues and the auditor’s concerns about the company’s ability to continue operating. (Check out the full article here)
What’s Going to Happen Next: BitPinas awaits the comment of Bangko Sentral ng Pilipinas (BSP) about the issue.
- Coins.ph is registered as a Virtual Asset Service Provider (VASP) granted by BSP under the name Betur Inc.
WFH vs. Onsite Work Debate
After a TikTok video from Nimbyx went viral in August for seemingly criticizing the work-from-home setup as “making you dumber every day,” BitPinas released an article exploring how remote work complements the decentralized ethos of the crypto industry.
- It highlights insights from Philippine-based web3 professionals who emphasize its advantages—flexibility, global opportunities, and cost savings—while addressing challenges like market volatility and remote collaboration.
Some of the noted benefits are:
- Flexibility: Ability to manage personal and professional tasks with ease.
- Global Opportunities: Access to jobs and teams worldwide, unrestricted by location.
- Cost Savings: Significant reduction in transportation and work-related expenses.
- Enhanced Work-Life Balance: Time for personal well-being, home-cooked meals, and rest.
- Efficient Work Environment: No commuting leads to increased focus and productivity.
- Career Growth: Opportunity to work on multiple projects or companies simultaneously.
- Networking and Discovery: Easier access to global Web3 communities and opportunities.
- Energy Conservation: More energy for important events and recovery afterward.
- Aligned Interests: Freedom to choose projects matching personal values and passions.
- Simplified Wardrobe: Reduced need for formal clothing and less laundry effort.
In October, Nimbyx CEO Paolo Kalaw clarified the infamous statement during a keynote speech at the FutureProof Tech Summit 2024. He explained that while remote work enhances task productivity, it may limit adaptability to organizational changes and innovation.
- Kalaw emphasized the importance of evolving skills, networking, and mastering AI tools to thrive in a remote setup.
The article explored how remote work not only supports web3 professionals but also offers advantages for employees across various industries.
Pisay-DigiCert
Stepping out of just a crypto use case, the Philippine Science High School (Pisay) launched the Pisay-DigiCert initiative, a project aimed at enhancing the security and management of student records using blockchain technology.
In September, an interview with Joel Bautista, chief of the Knowledge Innovation Division at the Philippine Science High School, discussed the Pisay-DigiCert initiative.
- Bautista explained how the idea originated from a blockchain training program by the Department of Science and Technology and how blockchain is being used to create portable, digitally secure student records.
- He also touched on future potential applications of blockchain in education, including micro-credentialing and transparent voting systems.
The launch of the initiative highlighted to skeptics—especially those who are not well-informed—that blockchain has applications beyond cryptocurrency.
- There’s a common misconception that blockchain is synonymous with crypto, but seeing an elite public high school implement it helps broaden understanding and showcases its potential in various sectors.
Other Blockchain Use Case News in 2024:
This article is published on BitPinas: From Binance Ban to Blockchain Education: The Most Impactful BitPinas Stories of 2024
What else is happening in Crypto Philippines and beyond?
