Newly surfaced accounts from the recently published memoir of Binance founder Changpeng “CZ” Zhao allege that the platform’s expansion challenges in the Philippines involved intentional blocking efforts led by Coins.ph CEO and former Binance executive Wei Zhou, a claim Zhou has firmly denied by providing proof disputing the claim:
Key Details
In the memoir titled, Freedom of Money: A Memoir of Protecting Users, Resilience, and the Founding of Binance, Zhao claims that Zhou, who previously served as Binance’s Chief Financial Officer, lobbied against the global exchange’s integration into the Philippine crypto ecosystem. Zhou meanwhile refuted the anti-competitive narrative presented in the book about the incident and clarified the sequence of events.
It is important to note that the Philippine dispute appears to be part of a larger global fallout between the two executives. In the memoir, Zhao alleges a bitter split with his former CFO in 2021. BitPinas bought a copy of the memoir’s English version. BitPinas also secured a Chinese version and verified the translation with at least three Chinese speakers.
CZ Discusses Trip to the Philippines
Detailing his visit to the country in June 2022, Zhao wrote that he met with representatives from the Philippine Stock Exchange, a provincial governor, and members of the local crypto community.
“… A country with a population of 120 million people and an active crypto market. We had a large customer support team in the Philippines, and I enjoyed meeting with them.”
“I met with people from the Philippine Stock Exchange. They were interested in exploring a partnership on security tokens. I also met a pro-crypto governor. There was a friendly dinner with the local crypto association.”
Changpeng Zhao, Memoir
Following the trip, Zhao alleged receiving information about what he viewed as deliberate gatekeeping efforts orchestrated by the former Binance executive:
“After the trip, much to my disappointment, I heard that Wei Zhou, our ex-CFO, sent a letter to the Blockchain Association, attempting to prevent Binance from joining the association.”
Changpeng Zhao, Memoir,
BitPinas determines the association being mentioned is the Fintech Alliance.ph, chaired by RCBC executive Lito Villanueva. BitPinas has sent a message to Villanueva but has yet to receive a reply by the time this story is published.
Zhao asserted that the actions were driven by competitive concerns, noting the executive’s recent acquisition of the locally licensed crypto exchange, which is also the most prominent crypto platform in the country:
“Wei had purchased a local exchange in the Philippines, coins.ph, and was trying to avoid anticipated fierce competition if Binance were to come to the Philippines.”
Changpeng Zhao, Memoir, Translated from Chinese
Criticizing the alleged move, Zhao wrote:
“I compete in business on product, technology, and service. While building collaborative relationships with the government and the regulators are critical for players in the crypto industry, I have always despised people who rely on government lobbying and other underhanded tactics to compete. It hurts consumers.”
Changpeng Zhao, Memoir
Wei Zhou Firmly Denies CZ’s Claims
Responding to inquiries from BitPinas, Wei Zhou explicitly denied the allegations of anti-competitive gatekeeping.
“We did not block Binance from joining. We asked to be involved in blockchain education initiatives (of Fintech Alliance PH.)”
Wei Zhou, CEO, Coins.ph
To support his stance, Zhou provided a copy of a September 9, 2022, document titled “Clarificatory letter to Lito Villanueva,” addressed to the Chairman of Fintech Alliance.ph. BitPinas has permission to publish the letter in full, available at the end of the article.
The Document Coins.ph Sent to Fintech Alliance Re: Binance
Rather than explicitly addressing membership, the document expressed dismay over a recently announced Memorandum of Understanding (MOU) between the Alliance and Binance regarding blockchain education.
In the letter, Zhou questioned why the Alliance chose to partner with an “unregistered VASP to lead blockchain education instead of tapping the readily available resources of the alliance’s membership.”
The correspondence did not cite market competition as a concern, but leaned heavily on regulatory red flags. Zhou wrote that Coins.ph was “astounded” by the collaboration, citing “alarming news around the world involving Binance” and recent warnings issued by the Philippine SEC at the time.
Timeline of Events
Philippines
BitPinas has followed this story starting from Zhao’s arrival in the Philippines in June 2022 up to the eventual blocking of Binance by the National Telecommunications Commission (NTC) in 2024. While this is happening, policy think tank Infrawatch went on a campaign to block Binance by sending letters to the Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), and Department of Trade and Industry (DTI) about its unauthorized operations in the country.
The SEC issued a public advisory against Binance in late 2023. The platform’s website was blocked by early 2024. The regulatory body cited the absence of a required secondary license to offer securities to the public as the statutory basis for the enforcement.
Binance and CZ’s Legal Battle in the U.S.
In late 2023, Zhao stepped down as Binance CEO and pleaded guilty in the United States to violating the Bank Secrecy Act. The company agreed to pay $4.3 billion in penalties to settle investigations by the U.S. Department of Justice.
Zhao served a four-month sentence in a U.S. federal prison in 2024 before receiving a full pardon from President Donald Trump in October 2025. In a new Coindesk report, the exchange is planning a U.S. return.
In early 2025, Zhao was asked on Twitter why Binance is still not in the Philippines, to which he replied:
The Philippine Crypto Exchange Landscape
Currently, the Philippine crypto sector is navigated through a dual-regulatory approach.
The Bangko Sentral ng Pilipinas (BSP) oversees the Virtual Asset Service Provider (VASP) framework. This registry regulates entities facilitating the exchange between fiat currency and digital assets, focusing heavily on anti-money laundering (AML) protocols and payment system stability.
Concurrently, the Securities and Exchange Commission (SEC) oversees the Crypto Asset Service Provider (CASP) framework. While the BSP handles the payments and remittance aspect of crypto, the SEC’s CASP rules are designed to regulate platforms offering digital assets as investments, enforcing strict consumer protection, market integrity, and securities law compliance.
Full Copy of Letter Sent By Coins.ph to Fintech Alliance.PH
9 September 2022
MR. LITO VILLANUEVA
Chairman Fintech Alliance.ph (“Fintech Alliance”)
Re: Clarification on the Collaboration between Fintech Alliance.ph and Binance
Dear Mr. Villanueva,
It has come to our attention that a collaboration between Fintech Alliance.ph and Binance has been forged as can be seen on the Fintech Alliance’s official LinkedIn page [1] and webpage [2].
As a member in good standing of the Fintech Alliance and as the leading virtual asset service provider (VASP) of the Philippines, we wish to emphasize that we have never been informed about this partnership with Binance.
As such, may we respectfully clarify from your good office whether this partnership has the support of the Fintech Alliance’s general membership and why the Fintech Alliance chose to partner with an unregistered VASP to lead blockchain education instead of tapping the readily available resources of the alliance’s membership?
Needless to say, this surprising partnership goes against the very purpose by which the Fintech Alliance was incorporated: “To establish, maintain and perpetuate mutual confidence and close cooperation as regards the management and protection of financial technology providers; to foster a stronger and more active fellowship and comradeship among its members in the attainment of their mutual and common interests; and to promote innovation in financial technology by improving efficiency, certainty, security, and reliability of the financial technology platform services”.
We are fully aware of the alarming news around the world involving Binance and with the recent warning from the Securities and Exchange Commission [3], we are astounded why our Fintech Alliance has this type of collaboration.
We are looking forward to your response.
Sincerely,
Wei Zhou CEO
CC: Secretariat, Fintech Alliance.ph Board of Trustees, Fintech Alliance.ph
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Footnotes included in the letter: [1] [2] [3]
This is a developing story.
This article is published on BitPinas: CZ Memoir Accuses Former Binance Exec of Blocking PH Entry; Coins.ph CEO Wei Zhou Denies Allegations
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