Binance Participates In Philippine Senate Banking Committee Hearing

Binance is seeking a license in the Philippines in order to create a foothold and provide instructional tools for prospective traders and blockchain developers ahead of a ban.

According to a report in the local news Wednesday, Binance representatives attended a session of the Philippine Senate Banking Committee.

Chuchi Fonacier, deputy governor of the Bangko Sentral ng Pilipinas, Emilio Aquino, chair of the country’s Security Exchange Commission (SEC), and officials of FinTech Alliance Philippines and the Cagayan Economic Zone Authority also attended the hearing.

According to the report, the session focused on fintech innovation and consumer safety. Fonacier spoke about a regulatory sandbox, and Aquino spoke about digital asset security.

Binance was represented at the hearing by APAC director Leon Foong and Philippines general manager Kenneth Stern, who discussed the exchange’s security and Know Your Customer procedures. During the hearing, Stern stated:

“78% of Filipinos remain unbanked, but crypto can help decrease that number as crypto asset holders will soon surpass the number of credit card holders in the country.”

Binance also announced this month that it will be funding a training program for new cryptocurrency traders in the Philippines and that it is in negotiations with local colleges about offering courses and certification in blockchain technology.

Despite its fast developing economy and the popularity of cryptocurrencies in the country, the Philippines has had an uncertain relationship with crypto, particularly Binance. The exchange has long sought to establish services in the country but has met opposition from a local think organization, which was ultimately sacked by officials.

Nonetheless, the Philippine Securities and Exchange Commission issued a letter on August 2 cautioning the public against investing with Binance. Beginning September 1, the country’s central bank will put a three-year embargo on virtual asset service provider applications, citing “risks that may undermine financial stability.” The CEO Changpeng Zhao indicated in June that the company would seek VASP licensing in the country.

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