Some users now see a “Buy/Sell Crypto” option — but access is limited and gated by a strict assessment.
UnionBank of the Philippines appears to have quietly begun rolling out a crypto trading onboarding process within its mobile banking app.
- The new feature, labeled “Buy/Sell Crypto,” has appeared for select users.
- The feature is integrated into the bank’s primary interface and marks one of the most significant moves by a Philippine universal bank into the virtual asset space:
Labeled “Buy/Sell Crypto,” the feature appears alongside standard banking services such as bills payment and foreign exchange.
- Users who attempt to access it are required to complete a Client Suitability Assessment — a multi-step questionnaire that evaluates their financial goals, investment experience, and risk appetite.
Screenshots of the onboarding process show that users must answer questions related to their knowledge of virtual assets, trading volume expectations, and potential legal or regulatory constraints.
If a user’s responses do not meet the platform’s internal suitability criteria, they are informed that crypto trading is not currently available to them. The app allows for a reassessment after a six-month period:
The app allows for a reassessment after a six-month period.
The initiative follows UnionBank’s approval in September 2023 as a fully licensed Virtual Asset Service Provider (VASP) by the Bangko Sentral ng Pilipinas (BSP). This license allows the bank to operate as a virtual asset exchange and offer custodial services for cryptocurrencies. (Read more: List of Licensed Virtual Currency Exchanges in the Philippines)
The crypto trading interface promises a “safe and worry-free experience,” with the bank stating that the platform operates with no added fees and full regulatory oversight. However, access remains limited, and as of this writing, UnionBank has not issued a formal announcement regarding the broader availability of the service.
UnionBank has previously led several blockchain initiatives in the country.
- In 2019, it launched the Philippines’ first crypto ATM and piloted its own stablecoin, PHX, to streamline remittances and interbank transfers.
- The bank also partnered with Swiss firm METACO to test crypto custody and trading functionality for a limited group of users.
This article is published on BitPinas: Is Crypto Finally Coming to the UnionBank App?
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