Former Binance CFO Wei Zhou Buys Coins.ph: Report

Indonesia-based technology company Gojek was the seller of the Philippines-based crypto exchange and wallet provider.

AccessTimeIconApr 4, 2022 at 12:17 p.m. UTC
Updated Apr 4, 2022 at 2:39 p.m. UTC

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Former Binance Chief Financial Officer Wei Zhou bought Coins.ph, a mobile wallet and digital currency exchange, from Gojek, according to a report in India-based publication The Ken on Monday.

  • In January 2019, Indonesian technology company Gojek bought Coins.ph for $95 million. According to the report, Gojek sold it for at least double that amount to Zhou.
  • Several regional investors familiar with either Coins.ph or Gojek confirmed the deal to The Ken, it reported.
  • Zhou could steer the Manila, Philippines-based company back to its crypto roots.
  • Coins.ph was founded in 2014 and was one of the earliest crypto wallets and exchanges in the Philippines. It later pivoted to providing broader financial services.
  • “Gojek didn’t do much with it, which was unfortunate because Coins was the leading crypto wallet in the Philippines,” a senior investment executive familiar with the company told The Ken. “But now, with the new management, they’ll revive that part of the business as a crypto wallet and trading platform, making it the Coinbase of Southeast Asia.”
  • Zhou left Binance last May for personal reasons. At the time, the company declined to comment on his whereabouts. He hasn't updated his experience on LinkedIn since then, and so this report is the first sign of his possible re-emergence into the crypto scene. He had worked for Binance for three years.
  • Zhou, Coins.ph and Gojek didn't immediately respond to requests for comment.

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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

CoinDesk - Unknown

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.