The chief executive officer of the Binance exchange shared the plan of the exchange to show legal presence in the Philippines.
Binance is a first-ranked crypto exchange, which is known to provide high-quality crypto services for newbie and pro-crypto users. Right now the exchange is under strong efforts to bring the exchange fully legal in almost every country, to remain away from any kind of legal hurdles like last year.
Recently Changpeng Zhao, CEO of Binance exchange, appeared in an interview and shared the plan of the exchange to obtain two licenses in the Philippines to provide highly compliance-based crypto services.
Zhao said that the exchange is looking to grab virtual assets service provider licence to provide crypto services like buy or sell. It will also allow the exchange to provide crypto trading against the local fiat currency Philippine peso.
Besides the Virtual Assets Service Provider license, Exchange is aimed to grab an e-money License to secure authority to issue electronic money.
An E-money license is a license, which allows companies to issue electronic money and this license issues by the country’ Central Bank, Banko Sentral ng Pilipinas.
Binance’s CEO also said that the exchange has plans to bring huge numbers of partnerships and also investments in banks to bring a better presence of Binance exchange in the Philippines.
“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 also revealed the reason why it is showing bullish efforts in the Philippines. According to Zhao, the Philippines is showing a better inclination toward crypto & blockchain technology and also local developments are showing strong interest in the payment system associated with crypto.
Recently few reports claimed that the US Securities and Exchange Commission (SEC) agency is doing some investigation against the Binance exchange, for its violation of failure of registration with the SEC agency for its 2017 ICOs.