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Philippine central bank removes Novi from exclusive list of VASP licensees


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Bangko Sentral ng Pilipinas (BSP), the Philippines central bank, has removed Novi from its list of registered Virtual Asset Service Providers (VASPs) following the winding up of its operations. The firm gained approval from BSP in January, but nine months later, things fell apart for the digital wallet.

Novi, Meta’s (NASDAQ: META) digital wallet, had announced to users that it was shutting down on September 1 and asked customers to withdraw all funds “as soon as possible.” A notice was issued on Facebook saying that the Novi pilot has ended, and individuals who failed to withdraw their balance still have several options available to them.

“If you did not withdraw your Novi account balance prior to the pilot ending, we will attempt to transfer your funds to the bank account or payment method linked to your Novi account,” said Meta. “In some instances, we may be unable to process a transfer, and you will need to contact us to claim your balance.”


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