BSP Updates VASP Directory: Removes BloomX and XenRemit
The Bangko Sentral ng Pilipinas (BSP) published an updated directory of registered Virtual Asset Service Providers (VASP), showing changes among non-bank and bank VASPs under central bank supervision.
In the latest BSP VASP list, the active non-bank VASPs include Coins.ph (Betur Inc.), Maya Philippines, Moneybees Forex, PDAX (Philippine Digital Asset Exchange), TopJuan Technologies, and WIBS PHP. Direct Agent 5 (SurgePay) was moved to inactive status.
Two entities were removed from the BSP’s VASP roster: Bloomsolutions, Inc. (BloomX) and XenRemit, Inc. (a Xendit Group subsidiary). Separately, WIBS PHP was reclassified from inactive to active.
BloomX previously operated a licensed exchange focused on OTC trading and remittance services. Its retail BloomX app was launched in March 2021, with liquidity supported by a tech agreement with Binance. In July 2023, BloomX’s CEO Israel Keys told customers the app would close, with deposits paused on July 24, 2023 and trading halted on August 7, 2023, while the company refocused on its OTC and remittance core.
XenRemit was added to the BSP VASP roster in April 2023 under Xendit Group. It also holds a Certificate of Registration as a Remittance and Transfer Company.
For crypto traders, the key takeaway is that BSP’s VASP directory reshuffle may affect access routes to regulated trading/fiat services, while the broader market impact is likely limited.
Neutral
This is a regulatory directory update rather than a token-level or protocol-level change. BSP removing BloomX and XenRemit from the registered VASP roster mainly affects regulated access and compliance standing for users in the Philippines, not the underlying crypto market’s liquidity or supply.
Historically, similar central-bank roster adjustments tend to cause short-term sentiment shifts for the affected local platforms (e.g., users may reduce deposits/trading via those venues), but they rarely move global majors like BTC/ETH unless coupled with larger exchange insolvencies, systemic outages, or broad enforcement that threatens wider market infrastructure.
In the short term, traders using these specific BSP-registered rails could see reduced on/off-ramps and operational uncertainty, which may slightly increase local volatility in activity. In the long term, the reclassification of WIBS PHP to active and the presence of other regulated VASPs suggest the overall regulated ecosystem remains functional, keeping broader market stability largely intact. Net effect: neutral.