The question at hand ponders if the Philippines could serve as the initial crypto powerhouse for Southeast Asia.
Binance Veteran Wei Zhou Acquires Coins.ph for $200 Million
In a significant move for the cryptocurrency industry, Wei Zhou, the former CFO of Binance and current CEO of Coins.ph, has acquired the Philippines-based digital asset platform for a reported $200 million. This is nearly double the amount Gojek paid for the company in 2022.
Zhou's entry into the crypto industry was accidental. An angel investment required him to open a Binance account for an ICO, leading to his encounter with Binance founders, including CZ (Changpeng Zhao). This serendipitous event set him on a path that would eventually lead to his acquisition of Coins.ph.
Coins.ph operates in a country with strong demographics, high crypto adoption, and a significant role in the global remittance space. With its combination of licenses, including a cryptocurrency exchange license, an EMI license for operating as a fiat wallet, and an FX and remittance license enabling cross-border flows, Coins.ph is well-positioned to capitalize on these opportunities.
Upon taking the helm of Coins.ph, Zhou initially assumed that the platform needed only cosmetic fixes. However, he soon discovered that the problems were far more serious. After a thorough rebuilding, Zhou now sees Coins.ph as a 'global entry' into the fintech world.
Zhou's vision for Coins.ph is to evolve beyond a retail-focused exchange into a dual engine, serving both consumers and institutional payments. He aims to build a global fintech company from the Philippines, leveraging the country's role in powering the world's financial system and its competitive advantages.
Under Zhou's leadership, Coins.ph has already expanded its operations to Australia, Brazil, and Mauritius, with Europe next on the expansion list. He believes that Southeast Asia lacks experienced product managers and CTOs, but sees this as an opportunity to bring the missing ingredient: the playbook for scaling.
Zhou's funding for the restructuring of Coins.ph primarily comes from FTX Ventures, the investment arm of FTX, where he served as CFO. He sees Coins.ph as a bridge to show that Southeast Asia can move towards creating global fintech platforms.
Zhou also believes that Coins.ph, with its reputation and user base, has deep foundations. He has assembled a team of professionals from banks, technology companies, Web3, BPOs, and more, to build a homegrown global fintech company.
The Asia-Pacific region has seen a 69% increase in value received for cryptocurrencies, from $1.4 trillion to $2.3 trillion, over the past 12 months up to June 2025 (Chainalysis). The Philippines, with its large GameFi (gaming and finance combined on a blockchain) population, is a key player in this growth.
With his extensive experience at Binance and his ambitious plans for Coins.ph, Wei Zhou is poised to make a significant impact on the global crypto and fintech landscape.
