Crypto exchange Binance seeks critical licenses in Philippines, CEO says

Crypto exchange Binance seeks critical licenses in Philippines, CEO says

Changpeng Zhao is the CEO of Binance crypto trading platform. He shared his plans to obtain two licenses that are crucial for Binance’s operations in the Philippines.

Binance CEO, in a press conference in Manila, stated that the exchange is seeking the virtual assets provider license. This allows the platform legally to facilitate the exchange and conversion of crypto to the Philippine peso.

Zhao noted that Zhao has also mentioned the VASP and said that the trading platform is currently working to obtain an e-money license from Banko Sentral ng Pilipinas. This license will allow the platform to issue electronic money. This license will enable Binance to issue electronic currency.

Binance CEO spoke out about plans to expand operations in the country. Zhao said that the company is interested in forming partnerships with banks in the Philippines and investing in them. He stated:

“We are interested to invest in traditional financial services centers, including payment service providers, banks and we want to help bring these businesses into the Blockchain world.”

Zhao stated that the decision of the exchange to expand its presence in the country was due to local developments in payment services and the country’s advanced understanding of crypto.

Related: BNB prices could drop 40% as the SEC probes Binance

Zhao expressed frustration with Reuters’ report on the exchange. Zhao also expressed frustration with Reuters’ recent report on the exchange. He stated that the media outlet had “just reported rumors” and didn’t offer any evidence. He encouraged the audience not to believe the rumors, and assured them that they were not involved in illegal activities.

The exchange published a blog posting two days ago to respond to the allegations made Reuters. The exchange rebutted the claims made by Reuters in a blog post.

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