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Additional reporting from Michael Mislos
International cryptocurrency exchange Bitunix previously published a post claiming it had secured a Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP) through ETRANSS International Remittance Corp. The post has since been removed from the exchange’s website.
The removal came months after the BSP, through Monetary Board Resolution No. 1148 dated October 3, 2024, canceled the Certificate of Registration of ETRANSS as a Type A Remittance Agent with VASP functions. The decision was made public on January 3, 2025.
A source familiar with the matter said the company does not intend to issue further statements in relation to the Philippines and referred inquiries to its official communication channels.
BitPinas contacted Bitunix via email for comment but has not received a response as of the time of publication.
ETranss’ VASP License Cancellation
ETRANSS International Remittance Corp. is a Philippine-based remittance company that once offered both money transfer services and crypto exchange functions.
The BSP revoked its VASP registration under Section 902-N, as amended by BSP Circular No. 1108 (Series of 2021), in relation to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions. This effectively terminated its ability to legally offer crypto-related services in the country.
ETRANSS had earlier been associated with GOW Exchange, which marketed itself as a crypto trading platform. The original gow.com domain has since lapsed and is now owned by a Vietnam-based AI company. Meanwhile, the social media channels linked to GOW Exchange have been inactive for several years: its Facebook page last posted in September 2020, and its X account has not been active since January 2020.
Bitunix Announced It Acquired the License—Then Deleted It
In March 2024, Bitunix posted a webpage stating that it had “acquired” a Philippine VASP license through Entranss Remittance International Corp. The announcement cited an October 10, 2019 date for the license, and said the exchange was authorized to provide a range of regulated services, including crypto buying, selling, and trading.
“It’s our honor to announce that Bitunix has acquired the Virtual Asset Service Provider (VASP) license from the Bangko Sentral ng Pilipinas (BSP) through our legal entity Entranss Remittance International Corp on October 10th, 2019.
With this license, Bitunix is now authorized to offer a wide range of virtual asset services within the Philippines in compliance with regulations set by the Bangko Sentral ng Pilipinas (BSP).
This means that users can securely and legally engage in various virtual asset transactions through our platform, including but not limited to buying, selling, and trading cryptocurrencies.”
Bitunix
However, archived BSP records only identified ETRANSS as the registered license holder. No public BSP listing has shown Bitunix itself as a VASP licensee.
Following the BSP’s cancellation of ETRANSS’ license, the Bitunix page remained live for some time but was later removed. Archived versions show it was still accessible as of March 2025, though no clarification or follow-up statement was issued.
According to its current website, Bitunix now describes itself as a crypto derivatives exchange supporting projects that focus on cross-chain infrastructure, decentralized gaming, and AI-driven data networks.
What is a VASP License?
Tailored for businesses that offer services involving virtual assets, such as cryptocurrencies, including exchanging, transferring, safekeeping, or managing virtual assets on behalf of others, a VASP license is granted and regulated by the BSP.
As of May 15, 2025, the central bank lists 13 VASPs, including major firms like PDAX, Maya, and UnionBank, with several others registered but currently inactive or not operational.
In 2022, the BSP implemented a three-year freeze on new VASP license applications starting September 1 to assess the local crypto landscape, with applications anticipated to resume by September 2025. However, as of writing, the central bank has yet to issue any update on whether the moratorium will be lifted or extended.
This article is published on BitPinas: Crypto Exchange VASP License Has Been Revoked Without Even Properly Launching in PH
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