Crypto exchange Binance seeks critical licenses in Philippines, CEO says

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Changpeng Zhao, CEO of crypto trading platform Binance, shared plans to acquire two licenses that are vital to the firm’s operations within the Philippines.

At a press briefing in Manila, the Binance CEO mentioned that the exchange is looking to obtain a virtual asset service provider license, which allows the platform to legally exchange digital assets and convert crypto to Philippine pesos.

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In addition to VASP, Zhao also noted that the trading platform is working to obtain an e-money issuer license from the country’s central bank, Banco Central ng Pilipinas. This license will allow Binance to issue electronic money.

The Binance CEO also talked about plans to expand operations within the country. According to Zhao, the firm is looking at forming partnerships and investing in banks operating in the Philippines. he said:

“We are interested in investing in traditional financial services centers including payment service providers, banks […] We want to help those businesses get into the world of blockchain.”

Zhao highlighted that the exchange’s decision to broaden its presence within the country is due to local developments and the country’s advanced “understanding of crypto” in terms of payment services.

related: BNB price at risk of a 40% drop as SEC launches probe against Binance

Zhao also noted his disappointment with a recent Reuters report on the exchange. He added that the media outlet “just reported the rumours and did not provide any supporting evidence.” He also urged the viewers not to believe in rumors and assured them that the firm is not involved in illegal activities.

Two days ago, the exchange published a blog post addressing the allegations made by Reuters. Within the post, the exchange hit back at the news forum, saying the article was created to spread propaganda.