Leading crypto exchange Binance plans to acquire two licenses, that are critical for the firm’s operations, in the Philippines.
Changpeng Zhao, the CEO of Binance, said they are working towards obtaining the virtual assets service provider (VASP) license. It will enable the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso. Zhao revealed the trading platform also wants to acquire the e-money issuer license from Banko Sentral ng Pilipinas (the central bank). As such, Binance will be able to issue electronic money.
Moreover, Zhao plans to expand the country’s operations within the country. The company is exploring partnerships and investing in banks that operate in the Philippines. The CEO said they are keen to invest in traditional financial service centers, including payment service providers and banks. Binance wants to help bring those businesses into the blockchain world. Its plans to broaden within the Philippines are because of local developments in terms of payment services and the country’s advanced understanding of crypto.
Zhao also shared frustrations about Reuters’ report about Binance. He said it just reported rumors and didn’t provide any supporting evidence. Zhao urged users not to believe the rumors. He said the platform is not involved in any illicit activities.