Binance wants to get licenses from the Banko Sentral ng Pilipinas to be a virtual assets service provider and our e-money issuer.
Changpeng Zhao, the CEO of cryptocurrency trading platform Binance, revealed plans to acquire two licenses critical to the company’s operations in the Philippines.
Binance’s CEO said at a press conference in Manila that the exchange is pursuing a virtual assets service provider license, which would allow the platform to legally facilitate the exchange of digital assets and the conversion of cryptocurrency to Philippine pesos.
Aside from the VASP, Zhao stated that the trading platform is working to obtain an e-money issuer license from the Philippines’ central bank, Banko Sentral ng Pilipinas. Binance will be able to issue electronic money thanks to this license.
The CEO of Binance also discussed plans to expand the country’s operations within the country. According to Zhao, the company is considering forming partnerships and investing in Philippine banks. He said:
Zhao stated that the exchange’s decision to expand its presence in the country is due to local developments in payment services and the country’s advanced “understanding of crypto.”
Zhao also expressed his dissatisfaction with a recent Reuters report on the exchange. He claimed that the media outlet “merely reported rumors without providing any supporting evidence.” He also urged the audience not to believe rumors and assured them that the company is not involved in illegal activities.
The exchange responded to Reuters’ allegations with a blog post two days ago. The exchange responded to the news platform within the post, claiming that the article was created to spread misinformation.