Changpeng Zhao, the CEO of cryptocurrency trading platform Binance, shared his plans to acquire two licenses that are critical to the firm’s operations within the Philippines.
At a press conference in Manila, The CEO of Binance mentioned that the exchange is seeking to obtain the virtual asset service provider license, which allows the platform to legally facilitate the exchange of digital assets and the conversion of cryptocurrencies to the Philippine peso.
In addition to the VASP, Zhao also noted that the exchange is working to acquire an electronic money issuer license from Banko Sentral ng Pilipinas, the country’s central bank. This license will allow Binance to issue electronic money.
Binance’s CEO also discussed plans to expand operations within the country. According to Zhao, the company is studying the possibility of partnering with and investing in banks operating in the Philippines.. He said:
“We are interested in investing in traditional financial service centers, including payment service providers, banks […] we want to help bring those businesses to the world of blockchain.”
Zhao highlighted that the exchange’s decision to expand its presence in the country is due to local developments in terms of payment services and the country’s advanced “understanding of cryptocurrencies.”
Zhao also noted his frustrations with the recent Reuters report on the exchange.. He said the media outlet “only reported rumors and did not provide any supporting evidence.” He also urged the audience not to believe the rumors and assured that the company is not involved in illegal activities.
Two days ago, the exchange posted a blog post to respond to the Reuters accusations. In the post, the exchange responded to the news platform, saying that the article was created to spread misinformation.
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