Binance Is Working On Getting A Legal License To Operate In The Philippines

Binance is still looking to expand by obtaining a legal license to operate in the Philippines despite regulatory issues that continue to plague the exchange.

During a press conference in Manila, Binance CEO Changpeng Zhao (CZ) mentioned that the exchange is looking to apply for a virtual asset service provider (VASP) license, which would allow the platform to facilitate transactions solution for crypto-asset exchange and convert crypto to local currency Philippine’s Peso.

In addition to VASP, the Binance CEO also noted that the exchange is working to obtain a crypto issuer license from the Central Bank of the Philippines. Not only that, but he also said that Binance is considering forming partnerships and investing in banks operating in the Philippines.

“We want to help bring those businesses into the blockchain world. If we can help a bank to offer crypto services, you know, is a licensed and regulated way, that makes our market bigger. We are looking at all those options. We are actively looking at all those options.”

Also taking the opportunity, Mr. Changpeng Zhao once again noted his disappointment with the recent reports by Reuters and Bloomberg about the exchange.

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Specifically, at the beginning of this week, two leading prestigious newspapers in the world made a series of accusations that Binance supported money laundering of up to $2.35 billion as well as BNB is being investigated by the SEC for suspected “security”, causing a lot of confusion for the majority of the investor community.

Before the above event, CZ asserted that the mass media only exaggerated the rumors and they did not provide any concrete evidence for the case. He also urged the community not to believe in such FUDs and stated that Binance always makes sure not to engage in illegal activities.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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