BSP Removes BloomX and XenRemit From VASP List

The Bangko Sentral ng Pilipinas (BSP) has updated its directory of registered Virtual Asset Service Providers (VASP), removing two entities from the list. According to the central bank, six active non-bank VASPs remain: Betur Inc. (Coins.ph), Maya Philippines, Inc., Moneybees Forex Corp., Philippine Digital Asset Exchange (PDAX), TopJuan Technologies Corporation, and WIBS PHP, Inc.

GoTyme Bank Corporation and Union Bank of the Philippines, Inc. are designated as active bank VASPs. The BSP had listed Bloomsolutions, Inc. (BloomX) and XenRemit, Inc. on its VASP roster previously, but they have been removed from the latest update.

Bloomsolutions, Inc., also known as BloomX, had operated as a licensed Philippine crypto exchange specializing in over-the-counter (OTC) trading and remittance services. However, it announced the closure of its retail-focused app in July 2023 due to increased competition in the Philippines.