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Techub News reports that the Philippine payment platform GCash has finalized its initial public offering (IPO) pricing at 66 Philippine pesos per share (approximately $1.06 USD). Previously, GCash had sought a higher valuation, but this pricing is lower than earlier targets. This IPO is one of the significant recent listing plans in the Southeast Asian fintech sector. (Tech in Asia)
Techub News reports that the Central Bank of the Philippines (BSP) has imposed partial suspension measures on DCPay Philippines, the e-money operating entity behind the local cryptocurrency exchange Coins ph, prohibiting it from receiving external transfers through InstaPay and PESONet, including personal transfers, QR code deposits, and commercial payments. This restriction targets DCPay's peso payment and clearing operations. The cryptocurrency trading business of Coins ph is operated by another licensed entity, Betur Inc., and has not been directly suspended by this directive, but users depositing fiat currency into Coins ph through local banks will be affected. The regulatory directive still allows DCPay to make external transfers and QRPh merchant payments. The official status page of Coins ph shows that the relevant InstaPay and PESONet deposit services are currently under maintenance, while withdrawal services are operating normally. (Wu Blockchain)
Techub News reports that the Philippine Securities and Exchange Commission (SEC) issued an investor warning today against seven cryptocurrency trading platforms, including dYdX. Besides dYdX, the list also includes Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium. The Philippine SEC noted that none of these platforms are registered with the Commission and have not obtained the necessary operating authorization or license to solicit investments under the country's Crypto Asset Service Provider (CASP) framework. The regulator emphasized that, according to the Philippine Securities Regulation Code, any individual or entity promoting, soliciting, or acting as an agent for these platforms locally may face criminal liability. Violators not only face hefty fines of up to 5 million Philippine pesos (approximately $89,000) but could also be subject to imprisonment of up to 21 years.
Techub News reported, according to ABS-CBN, that Philippine police recently rescued a Chinese citizen who was illegally detained by Chinese suspects in an apartment in Pasay City, apprehending 2 individuals involved on the spot, with 2 others still at large. The police disclosed that the suspects had threatened the victim with physical harm and organ trafficking, demanding a ransom of $1 million. The victim had already been forced to transfer over $400,000 in cryptocurrency assets. Police seized items such as tape, knives, and handcuffs at the scene. Charges related to kidnapping and extortion will be filed according to the law, and the case is still under further investigation.
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