Binance exchange is looking for critical licenses in the Philippines, says the CEO

Binance crypto exchange platform is attempting to obtain licenses from the Banko Sentral ng Pilipinas as a virtual asset service provider and e-money issuer.

Binance Philippines

Changpeng Zhao, the CEO of cryptocurrency trading platform Binance, revealed plans to acquire two licenses vital to the company's operations in the Philippines.

Binance CEO said at a press conference in Manila that the exchange is pursuing a virtual assets service provider license, which would allow the platform to legally facilitate the exchange of digital assets and the conversion of cryptocurrency to Philippine pesos.

Aside from the VASP, Zhao stated that the trading platform is attempting to obtain an e-money issuer license from the Philippines' national bank, Banko Sentral ng Pilipinas. Binance will be able to issue electronic money thanks to this license.

The CEO of Binance also discussed ambitions to grow the country's businesses within the country. According to Zhao, the company is considering forging partnerships and investing in Philippine institutions. He said:

"We are interested in investing in traditional financial service centers, including payment service providers, banks, [...] We want to help bring those businesses into the blockchain world."

Zhao stated that the exchange's decision to expand its presence in the country is due to local advances in payment services and the country's advanced "knowledge of crypto."

Also, Zhao expressed his dissatisfaction with a recent Reuters piece on the exchange. He claimed that the media outlet "merely repeated speculations without providing any supporting evidence."

He also asked the crowd not to trust rumors and assured them that the company is not involved in illegal operations.

The exchange responded to Reuters' allegations in a blog post two days later, claiming that the story was created to propagate misinformation.