The Binance platform has been seeking a license from Bangko Sentral ng Pilipinas (Central Bank of Philippines). The new partnership will allow them to expand their services into virtual assets and e-money issuing, which could potentially bring more users onto this crypto trading system.
The CEO of Binance, Changpeng Zhao has revealed that he plans on acquiring two licenses which will be crucial for the firm’s operation in the Philippines.
The company announced that it is working to obtain the virtual asset service provider or VASP license, which will allow them to legally facilitate exchange of digital assets. This means people can convert crypto into official local currency and vice versa.
The Binance CEO announced that the company is in talks with an e-money issuing license from Bangko Sentral ng Pilipinas, which will allow them to issue electronic money.
When asked about his plans for expanding operations in the country, Changpeng Zhao shared that he seeks to form partnerships and invest money into banks operating within the Philippines.
“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.”
The Binance CEO highlighted that the platform’s decision to broaden its presence in the Philippines can be attributed to local developments and people’s advanced understanding of crypto.
Reacting to the recent reports by international news agency Reuters, Binance CEO Zhao Xianlong expresses his frustrations regarding their negative coverage of Binance’s current situation.
He assured the audience that Binance does not involve itself in illicit activities and urged them to ignore Reuters’ rumors, saying it only reported rumorts without supporting evidence.
In a surprising move, Binance published an open letter on their blog two days ago addressing the allegations Reuters raised. The exchange fired back at this news outlet claiming it wrote an article designed to spread misinformation.