Binance has sought Virtual Asset Service Provider (VASP) and E-Money Issuer (EMI) licenses.
Binance CEO Changpeng Zhao, the world’s largest platform in terms of trading volume, is looking to secure a major crypto license from the Philippines’ Bangko Central ng Pilipinas (BSP).
The exchange targets virtual asset service provider (VASP) license as well as e-money issuer (EMI) license. Told,
With the two licenses, Binance will be able to offer services that include converting fiat to pesos and distributing electronic money.
approval within months
According to Zhao, Binance is also looking at expanding its operations across the country, including making strategic investments in payment service providers and banks. He added that the aim is to bring these services on the blockchain.
He added that he had met regulatory authorities and that Binance could secure the license within months.
Binance is a ‘responsible’ platform
Zhao’s comments also included those of Reuters on his recent claims of money laundering schemes carried out through the exchange.
and in one Interview With CNBC on Thursday, he reiterated Binance’s responsible trading, noting that it is “probably” the only platform working in this direction for the benefit of its clients.
In addition to attempting to establish a client’s risk knowledge regarding leverage, Binance will also suspend new accounts that incur losses during leveraged trading.
