I'll try to keep this short. Exchanges are used in the financial sector to convert currencies from one type to another this way when we travel around the world we can exchange our native currency for the local currency, and back again. Since Crypto currency works similar to the way normal currency works we have to have exchanges to convert one coin to another, and more importantly from Crypto to your local currency.

Binance was one of the few exchanges that directly worked with Hive so now people in the Philippines will have to jump through more hoops to get their Hive out of the network and into their pockets.