Binance positive on Philippines entry despite SEC pushback

Regardless of the Philippine Securities and Exchanges Commission warning the public against investing with Binance, the crypto exchange stays positive and relentless in getting its services towards the Southeast Asian country. 

Within an interview, Binance’s mind of Asia-Off-shore Leon Foong told Cointelegraph that they’re very positive about having the ability to go into the Philippines. The manager highlighted that regardless of the efforts of the lobbying group to ban Binance, the firm will still be centered on attempting to bring the advantages of crypto towards the country. He described that:

“We will not really get depressed by what a few of these other so-known as lobbying physiques do. Rather, you want to concentrate on the way we continue offering our users a much better experience.”

Foong believes that blockchain technology is a key driver for financial inclusion and produce an enormous chance to Filipinos. Based on Foong, tech investments were once exclusive simply to high-internet-worth individuals. However with crypto and blockchain, the opportunity to purchase these projects is opened up to the masses around the world. He stated that:

“If you appear at just how crypto and just how digital assets allow us through the years, it’s really opened up up investment possibilities in technology as well as in new projects.”

Aside from these, the Binance executive also shared perspectives about how the nation can increase its foreign direct investment volume. Foong stated this needs a regulatory framework that welcomes local and global players and rules which are pro-competition, pro-innovation and pro-user protection. Lastly, the manager stated the country must enable users to gain access to global liquidity, with traders buying and selling on a single order book.

Related: Binance ban from the cards, states Philippine trade and industry department

Regarding regulation, Foong commented the Philippines does a fantastic job creating its frameworks round the virtual asset company (VASP) and e-money issuer (EMI) licenses. When requested concerning the exchange’s progress in obtaining these critical licenses, the manager stated they posted the appropriate documents. Still, they can’t comment any more because the facts are private. He stated that:

“I think we’re positive that we’ll obtain a opportunity to really get a registered entity within the Philippines and then work closer with key local stakeholders to give the people digital assets and blockchain experience they deserve.”

Based on Foong, compliance with regulation is really a focus for that crypto exchange because it means they are accountable for their users. Furthermore, getting an immediate relationship with regulators is extremely useful when it comes to clearing misconceptions concerning the blockchain and crypto space.

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