Regulation

Crypto exchange Binance seeks critical licenses in Philippines, CEO says

Changpeng Zhao, the CEO of crypto trading platform Binance, shared plans to acquire two licenses that are critical for the firm’s operations within the Philippines.

In a press briefing in Manila, the Binance CEO mentioned that the exchange is looking to obtain the virtual assets service provider license, which allows the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso.

Apart from the VASP, Zhao also noted that the trading platform is working to acquire an e-money issuer license from Banko Sentral ng Pilipinas, the country’s central bank. This license will allow Binance to issue electronic money.

The Binance CEO also talked about plans to expand the country’s operations within the country. According to Zhao, the firm is looking into forming partnerships and investing in banks that operate in the Philippines. He said:

“We are interested in investing in traditional financial service centers including payment service providers, banks […] we want to help bring those businesses into the blockchain world.”

Zhao highlighted that the exchange’s decision to broaden its presence within the country is due to the local developments in terms of payment services and the country’s advanced “understanding of crypto.”

Related: BNB price risks 40% drop as SEC launches probe against Binance

Zhao also noted his frustrations with Reuters’ recent report on the exchange. He said that the media outlet “just reported rumors and they didn’t provide any supporting evidence.” He also urged the audience to not believe the rumors and assured them that the firm is not involved in illicit activities.

Two days ago, the exchange published a blog post to address the allegations made by Reuters. Within the post, the exchange fired back at the news platform, saying that the article was created to spread disinformation.

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