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Binance eyes investing in PH, seeks approval of 2 licenses from BSP

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Jekki Pascual, ABS-CBN News

<p>MANILA - Cryptocurrency exchange platform Binance on Wednesday said it is planning to invest in traditional financial service sectors in the Philippines in a bid to further expand the industry.</p><p>Binance CEO Changpeng Zhao told reporters in a Manila briefing that he has met with some government agencies to get a Virtual Asset Service Providers (VASP) and Electronic Money Issuer (EMI) licenses.</p><p>These licenses under the supervision of the Bangko Sentral ng Pilipinas will allow firms to engage in cryptocurrency exchange and electronic fund transfers, among others. </p><p>Binance <a href="https://news.abs-cbn.com/business/03/17/22/dubai-grants-crypto-exchange-binance-a-virtual-asset-licence">secured </a>a virtual asset license from Dubai last March. </p><p>&quot;Regulation helps adoption, not the other way around,&quot; Zhao said while backing cryptocurrency regulation to entice more users to participate.</p><p>&quot;We need to work with regulators [and] banks, to make sure that we have [a] very very high standard of KYC [Know Your Customer], AML [Anti-Money Laundering]. And also we now have very large teams, very experienced teams from ex-law enforcement, ex-IRS, ex-Interpol, ex-FBI that can do that as well,&quot; he added.</p><p>Binance is also looking to acquire or partner with financial institutions to expand the cryptocurrency market and help its integration into the financial system.</p><p>&quot;We are also interested in investing in traditional financial service sectors, including payments service providers, banks, etc. They have different licenses. We want to help bring those businesses in the blockchain world,&quot; Zhao said.</p><p>&quot;We want to pick different sectors in the economy and invest in one or two companies and in each sector,&quot; he added.</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">Binance CEO CZ Zhao talks to media in the Philippines to discuss company&#x27;s expansion in the country.<br/><br/>Binance is the world&#x27;s largest cryptocurrency exchange. <a href="https://t.co/haZHt9n5f9">pic.twitter.com/haZHt9n5f9</a></p>— Jekki Pascual (@jekkipascual) <a href="https://twitter.com/jekkipascual/status/1534349634012794880?ref_src=twsrc%5Etfw">June 8, 2022</a></blockquote><div><script async="" src="https://platform.twitter.com/widgets.js" charSet="utf-8" type="text/javascript"></script></div><p>In the Philippines, there are 19 VASPs <a href="https://www.bsp.gov.ph/Lists/Directories/Attachments/19/VASP.pdf">registered </a>under the central bank. Binance is not yet part of the list. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/10/21/el-salvador-adoption-bitcoin-cryptocurrency-fans">El Salvador&#x27;s adoption of bitcoin delights cryptocurrency fans</a></li>	<li><a href="https://news.abs-cbn.com/video/business/05/31/22/crypto-blockchain-industry-budding-in-ph-stakeholder">Crypto, blockchain industry &#x27;budding&#x27; in PH: stakeholder</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2057933" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

Cryptocurrency exchange platform Binance said it is planning to invest in traditional financial services in the Philippines as it expands beyond virtual money.

Binance eyes investing in PH, seeks approval of 2 licenses from BSP

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Binance eyes investing in PH, seeks approval of 2 licenses from BSP

Jekki Pascual,

ABS-CBN News

Published Jun 08, 2022 05:14 PM PHT

Read More:

Binance

Binance expansion

Binance CEO

cryptocurrency exchange

BSP

Virtual Asset Service Providers

Electronic Money Issuer

money

trading

blockchain

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