Binance receives a license to operate in the Philippines

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The world's largest cryptocurrency exchange, Binance, announced plans to enter the Philippine market and began negotiations with regulatory authorities.

Reporter for ABS-CBN NewsJekki Pascual told Twitter followers that at a press conference on June 8, Binance CEO and founder Changpeng Zhao announced plans for his company to enter the Philippine financial market.

According to Changpeng Zhao, Binance is in active negotiations with local regulators.

“The Philippines is more advanced in terms ofpayment services, mobile penetration, smartphone adoption, technical talent and understanding of cryptography. We wanted to license our activities here and be able to provide services,” the head of the exchange said at a briefing.

Zhao said that Binance hopes to soonIt's time to get two licenses - an electronic money issuer (EMI) and a virtual asset service provider (VASP). Both approvals could allow the exchange to offer a wide range of cryptocurrencies and digital assets to Filipino customers.

The head of the exchange emphasized that Binanceis interested in supporting local payment service providers and investing in national banks, as it believes that supporting such institutions is beneficial to the widespread adoption of cryptography and the protection of the financial system.

“If we can help national banks offer cryptocurrency services in a licensed and regulated manner, it will make our market bigger,” Zhao said.

Previously, Changpeng Zhao stated that the Binance exchange is open to cooperation with technology companies and cryptocurrency exchanges to accelerate the adoption of digital assets in the world.

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