Binance Targets Philippines to Expand its Presence

Share IT

Key Takeaways:

  • Binance is planning to the virtual assets service provider license and Electronic Money Issuer license to start its operations in the Philippines.
  • The CEO talked about the exchange’s plans to partner with traditional financial service centers, including payment service providers, and banks in the Philippines, to help with its expansion plans.

 Leading crypto trading platform Binance is now eyeing the island country Phillipenees to expand its presence. Changpeng Zhao, CEO, in a press interview, stated that they are planning to acquire two licenses needed for Binance’s operations within the Philippines.

The virtual assets service provider license allows the exchange to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso. While the other license Binance is targeting is the EMI- Electronic Money Issuer license which authorizes companies to deliver e-wallet services through their mobile apps. The CEO stated that he had already met with Philippine officials to discuss the exchange’s plan to secure the necessary licenses.

In the press briefing, Zhao further expressed his desire to invest and partner with traditional financial service centers, including payment service providers and banks. Commenting on why the exchange chose the Philippines to broaden its presence, the CEO stated it was owing to “local developments in terms of payment services and the country’s advanced understanding of crypto.”

Cryptocurrency mining is one of the popular businesses in the country despite crypto not being regarded as legal tender in the Philippines. The country’s Department of Finance (DOF) is at present working towards introducing taxation on cryptocurrency by 2024.

The Binance expansion plans come amid the exchange facing a plethora of charges that could heavily tarnish its reputation. The US regulatory authority SEC is currently investigating whether Binance broke securities rules when it launched its BNB token in an initial coin offering five years ago. Apart from this, SEC, in early 2022, had also launched a probe to look into the relationship between Binance and trading firms Sigma Chain AG and Merit Peak.

Another bad day was marked in Binance’s book when on May 6, Reuters published a report alleging that Binance processed at least $2.35 billion of transactions from hacks, investment frauds, and narcotics sales between 2017 and 2021. The Binance CEO, however, in his latest press meeting, has dismissed the allegations in their entirety. He accused the media firm for just spreading rumors and not providing any supporting evidence.

Share IT
Saniya Raahath
Saniya Raahath

Get Daily Updates

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!