The Banko Sentral ng Pilipinas is looking for virtual assets service provider licenses and e-money issuesr licenses for the exchange platform.
Changpeng Zhao is the CEO of Binance crypto trading platform. He shared his plans to obtain two licenses that are crucial for Binance’s operations in the Philippines.
At a Manila press conference, Binance CEO stated that the exchange is seeking the virtual assets provider (VASP), license which will allow the exchange to legal facilitate the exchange and conversion of crypto to the Philippine Peso.
Zhao noted that Zhao has also mentioned the VASP and said that the trading platform is currently working to obtain an e-money license from Banko Sentral ng Pilipinas. This license will allow the platform to issue electronic money. This license will enable Binance to issue electronic currency.
Binance CEO spoke about plans to expand operations in the country. Zhao said that the company is interested in forming partnerships with banks in the Philippines and investing in them. He said:
“We are interested to invest in traditional financial services centers, including payment service providers, banks and we want to help bring these businesses into the Blockchain world.”
Zhao stated that the decision of the exchange to expand its presence in the country was due to developments in local payment services and a better understanding of crypto.
Related: BNB prices could drop 40% as the SEC probes Binance
Zhao also expressed frustration with Reuters’ recent report on the stock exchange. Zhao stated that the media outlet had “just reported rumors” and didn’t offer any evidence to support them. He also advised the audience not to believe the rumors, and assured them that they are not involved in illegal activities.
The exchange published a blog posting two days ago to address the allegations made Reuters. The exchange rebutted against the news platform in the blog post, claiming that the article was intended to spread misinformation.
