Binance gives security assurances in Philippine senate banking committee hearing

Binance gives security assurances in Philippine senate banking committee hearing

According to reports in the local press, Binance representatives attended the hearing of the Philippine Senate Banking Committee. The hearing was attended by Chuchi Fonacier (Bangko Sentral ng Pilipinas deputy governor), Emilio Aquino (chair of the Security Exchange Commission) and members from FinTech Alliance Philippines as well as the Cagayan Economic Zone Authority.

According to the report, the hearing was dedicated to fintech innovation as well as consumer protection. Fonacier spoke about a sandbox approach in regulation and Aquino discussed digital asset security. Binance was represented at the hearing by Leon Foong, APAC director, and Kenneth Stern (general manager for the Philippines), who spoke about the exchange’s security measures and Know Your Customer process. Stern stated at the hearing:

“78% of Filipinos are still unbanked,” but crypto can help reduce that number. Crypto asset holders will soon surpass credit card holders in the Philippines.

Binance stated that it will also sponsor a training program in the Philippines for cryptocurrency traders this month and is currently in discussions with local universities about offering courses and certifications in blockchain technology.

JUST IN: #Binance attends the Philippines senate hearing to discuss #cryptocurrency guidelines. Binance also has opened conversations with local universities in the Philippines to offer courses and professional certificates in #blockchain & #crypto. pic.twitter.com/eEgmFti0K5
— OAK Chain (@oakchain_ August 24, 2022

Despite its growing economy and popularity of cryptocurrency, the Philippines has had a rocky relationship with crypto and Binance. Binance had been seeking to establish services in the Philippines for some time, but was met with resistance from local think tanks that were later discredited by authorities.

The Philippine SEC issued a warning letter to the public on Aug. 2, cautioning them against investing in Binance. The central bank of the Philippines will place a three-year moratorium upon virtual asset service provider applications starting Sept. 1. This is due to “risks that could undermine financial stability.” Changpeng Zhao, Binance CEO, stated in June that they would seek VASP licensing.

The Philippine central bank stated that it is exploring the possibility of issuing a digital currency wholesale to its central bank.

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