The crypto ecosystem in the Philippines is facing opposition from a policy think group that has dedicated itself to pushing back against Binance’s takeover in the country. The group has made repetitive efforts to impede the growth of the world-renowned crypto exchange platform in the Philippines by issuing several warnings against embracing cryptocurrency. Known as Infrawatch Philippines, the public policy think group believes that Binance’s activities in the country should be met with a clampdown as they are carrying out operations sans an authorised license. Infrawatch had called for a boycott of the trading platform even during the recent crypto collapse and called for dismissal of its efforts in applying for licensed functioning.
Think Group’s Defiance Of Crypto Growth
Binance’s activities are being criticized by the group citing that they are flouting many rules laid down by Philippine’s digital regulatory bodies. It has also received flak for targeting crypto users by taking advantage of its social media reach and inviting them to a platform that is largely “not regulated”. The popular crypto platform is embroiled in controversy with the group for purportedly running affairs illicitly in the country.
Binance however, has denied this claim and emphasized that they are in the process of procuring licensed permissions which would help legitimize their roots in Philippines. They’ve reiterated the several precautionary measures adopted by them including pro-KYC checks. They highlighted that they give utmost priority to following relevant legislative policies and regulatory measures. The leading crypto exchange’s Chief Executive Officer Zhao had previously addressed the conflict asking the citizens not to worry as they will be adhering to all guidelines the government expects from them.
Binance’s bid to bring blockchain innovation to the crypto environment of the Philippines continues to be a battle with obstacles. However, they are enthusiastic in their pursuit and undeterred by the think group’s resistance.