Step Aside, Binance, There's A New Kid in Town
For many in crypto, centralized exchanges are their primary way of on/off-ramping. And for that, Binance reigns supreme in many parts of the world. Here in my country, there are reportedly around 3.4 million Filipinos registered with Binance, with yours truly included in that number.
However, my account has never been used as I am not KYC'ed there yet. My driver's license is expired and the other IDs I have are not on their list of acceptable IDs. No problem. I know of other ways to off-ramp such as P2P sites like Localcryptos, should the need arise.
Another one will be through my mobile e-wallet, GCash, in which I am KYC-verified, and which will have crypto on/off-ramp and trading services enabled soon (but wen? 🤔).
But it's always nice to have other additional ways, in case your preferred ones are out of service for maintenance, or other reasons. And in this blog, I share with you another new discovery of mine. It is, however, only for Philippine residents.
Introducing Moneybees
Moneybees is the first cryptocurrency over-the-counter exchange in the Philippines. They are certified and registered with the BSP (Bangko Sentral ng Pilipinas) and Anti Money Laundering Council (AMLC) as a Virtual Asset Service Provider (VASP). You can buy and sell crypto over-the-counter at any of their BSP-licensed outlet partners, and also online through their website.
Exchange Rates
They claim to have competitive rates and do not charge fees for OTC or online transactions. To check their exchange rates, go to their app here and check out the prices of cryptocurrencies in real time. Type Hive and you'll get the exchange rate of Hive in Philippine pesos for that moment.
Wallets
Moneybees is not a centralized exchange and does not have a custodial wallet. They only facilitate the exchange of crypto to peso and vice versa, and support most popular crypto wallets. If your wallet is one not listed in the picture, you can ask them via chat if they support it.
Membership Levels and Transaction Limits
There are 3 categories of membership depending on the level of KYC accomplished by the registrant. I assume most Filipinos will only bother to make it into level one, as the daily limit of 200K Php is more than enough for the needs of most crypto holders here.
Physical Exchange Centers
Now, this is where they have an edge over all those other exchanges. Not only can you transact with them online, but you can also go to a physical exchange center in your part of town.
Shown in the picture are the three OTC centers nearest to me. People from other areas can click on their location to see the ones near them. As of now, there are only 3 centers outside of Metro Manila, but Moneybees has plans to open branches to service the other parts of the country.
They have also partnered with some well-known local money changers and pawnshops, where one can go for OTC transactions. And there is one such pawnshop a mile away from me.
The fact that they have office branches all over the metro and in some parts of the country too, plus partnerships with money changers and pawnshops, gives them a level of unparalleled accessibility that other exchanges do not have.
KYC is Mandatory
Unfortunately, like most exchanges, you cannot use their services without signing up for an account and completing it by uploading a picture of an ID, and a selfie of you holding a sheet of paper with your name and date of application, along with the ID. Then you wait to get approved.
I'm glad to see that the two IDs I have are accepted for KYC. This is really enticing me to try them out someday.
How to KYC
As mentioned above, you cannot transact if you're not registered. Here are the complete instructions for the registration and KYC procedures.
So that's how you sign up and verify your account. Easy-peasy. And as usual, this is NFA and please DYOR before you decide to add this to your crypto/financial toolkit. Also, there is a chat button on the lower right corner of their website. The link to their Terms and Conditions is on the bottom too. Give it a thorough read before you sign up.
Conclusion
I am definitely going to sign up, as like I've said, it's always good to have alternatives or backup solutions in case our preferred ones are offline for maintenance or being difficult to access. Their rates look good too.
But what really made me consider using their services is their accessibility. They're going to be like the 7-Eleven of crypto exchanges, and I wouldn't be surprised if they partner with 7-Eleven too someday.
And that's it for this blog. I will update you someday after I have made my first exchange with them. Thank you for reading. And if you're a Filipino, please share this with all the other Filipinos you know here.