Portland News

Exchange Platform Binance Working to Obtain License to Operate in the Philippines

Binance in the process of obtaining licenses to operate in the Philippines
Binance in the process of obtaining licenses to operate in the Philippines

Binance, one of the world’s largest cryptocurrency exchanges by volume, has had to shift its focus on obtaining a virtual assets service provider and e-money issuer license in the Philippines from Bangko Sentral ng Pilipinas (The Central Bank of the Philippines). The platform is currently working with local authorities there to allow the platform to operate within the country.

The CEO of Binance, Changpeng Zhao, has revealed that he plans on acquiring two licenses which will be crucial for their future operations in the Philippines.

Zhao shared that Binance is working to obtain the virtual assets service provider or VASP license, which will allow them legally facilitate exchanges of crypto into official local currency.

The CEO of Binance has announced that the company is in talks to acquire an e-money issuer license from Bangko Sentral ng Pilipinas, which will allow them to create electronic cash.

Read also: Transferring Cryptoassets from Binance to Coinbase

Changpeng Zhao revealed plans of expanding operations within the Philippines, hoping to strike partnerships and to invest in banks within the country.

“We are interested in investing in traditional financial service centers, including payment service providers and banks,” said Zhao. “We want to help bring those businesses into the blockchain world.”

It is no surprise that Binance has chosen the Philippines as their next expansion destination. The local developments of payment services and people’s advanced understanding about crypto are what influenced this decision, according to CEO Changpeng Zhao.

Apart from discussing his plans for expanding operations in the Philippines, Binance CEO Zhaosaid that he was frustrated by international news agency Reuters reports on the exchange platform.

The speaker stressed that Reuters published rumors without providing concrete evidence, urging the audience not to be swayed by them and assured them that Binance does not involve itself in questionable activities.

The CEO of Binance said the platform published a blog post two days ago addressing the allegations Reuters raised. The blog post fired back at this news outlet and accused it of writing an article designed to spread misinformation.

Read also: Michael Hsu Cites Crypto Market Crash as a Wake-Up Call

Opinions expressed by Portland News contributors are their own.