Binance Seeks Operational Licenses in Philippines

UTC by Babafemi Adebajo · 2 min read
Binance Seeks Operational Licenses in Philippines
Photo: Unsplash

Binance believes acquiring an appropriate license will help investors repose confidence in its operations and spur adoption.

As Binance continues to expand its operations globally, it is now seeking operational licenses in the Philippines. According to the CEO, Changpeng Zhao, the exchange is actively seeking the VASP and EMI license from the financial regulators of the Philippines.

CZ noted the exchange was looking to expand its operations in the country because of the high knowledge about cryptocurrency. He also pointed out the advancements in local payment services. Accordingly, the firm is seeking a virtual assets service provider (VASP) license and an e-money issuer license.

The VASP license will allow the users to transact in digital assets on the platform, converting crypto to the Philippine peso as the need may arise. The EMI license will allow Binance to issue and disburse electronic money.

CZ also noted that the exchange is looking to form strategic partnerships with banks in the region to bring them into the blockchain ecosystem.

Operational Licenses will Improve Adoption

Binance believes acquiring an appropriate license will help investors repose confidence in its operations and spur adoption. After regulatory woes in 2021, the firm has been actively pursuing regulatory adherence all over the world.

In the last six months, the firm has obtained licenses to operate in Italy, Dubai, Bahrain, and France in the last 6 months. The firm is also reportedly seeking to be regulated in Germany.

CZ has continuously repeated the firm’s willingness to cooperate with regulators to make the market safer for investors. Despite this, the SEC began a probe of the exchange’s operations. Particularly, the US regulator is seeking to determine if the firm violated its 2016 Securities law by selling Binance coins (BNB).

Also, Reuters published an investigative report indicting Binance earlier in the week. According to the report, up to $2.35 billion may have been laundered through the exchange between 2017 and 2021.

The exchange has since slammed the report, stating that it relied on unjustifiably poor data. CZ also expressed his frustration with the report. He noted that Reuters published rumors without substantiating them with hard evidence. Thereafter, he urged his listeners to discard any rumors, assuring them the firm was not complicit in any illegal activities.

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Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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