Crypto exchange Binance seeks critical licenses in Philippines, Chief executive officer states

Changpeng Zhao, the Chief executive officer of crypto buying and selling platform Binance, shared intends to acquire two licenses which are crucial for the firm’s operations inside the Philippines.

Inside a press briefing in Manila, the Binance Chief executive officer pointed out the exchange is searching to get the virtual assets company license, which enables the woking platform to legally facilitate the exchange of digital assets and also the conversion of crypto towards the Philippine peso.

In addition to the VASP, Zhao also noted the buying and selling platform is trying to acquire an e-money issuer license from Banko Sentral ng Pilipinas, the nation’s central bank. This license allows Binance to issue electronic money.

The Binance Chief executive officer also spoken about intends to expand the country’s operations inside the country. Based on Zhao, the firm is searching into developing partnerships and purchasing banks that be employed in the Philippines. He stated:

“We are curious about purchasing traditional financial service centers including payment providers, banks […] you want to help bring individuals companies in to the blockchain world.”

Zhao highlighted the exchange’s decision to broaden its presence inside the country is a result of the neighborhood developments when it comes to payment services and also the country’s advanced “knowledge of crypto.”

Related: BNB cost risks 40% drop as SEC launches probe against Binance

Zhao also noted his frustrations with Reuters’ recent set of the exchange. He stated the media outlet “just reported rumors plus they did not provide any supporting evidence.” Also, he advised the crowd not to believe the rumors and warranted them the firm isn’t involved with illicit activities.

On friday, the exchange printed your blog publish to deal with the allegations produced by Reuters. Inside the publish, the exchange fired back in the news platform, stating that the content was produced to spread disinformation.

Latest stories

You might also like...