Friday, December 9, 2022

Binance has applied for licenses in Philippines: CEO

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Binance has sought the virtual assets service provider (VASP) and e-money issuer (EMI) licenses.

Binance CEO Changpeng Zhao says that the platform, the world’s largest in terms of trading volume, is looking to secure key crypto licenses from Philippines’ Bangko Sentral ng Pilipinas (BSP).

The exchange targets the virtual assets service provider (VASP) license, as well as the e-money issuer (EMI) license, he said.

With the two licenses, Binance will be able to offer services that involve conversion of fiat into pesos and the disbursement of electronic money.

Approval within months

According to Zhao, Binance is also eyeing an expansion of its operations across the country, including making strategic investments in payment service providers and banks. He noted that the objective is to bring these services onto the blockchain.

He added that he had met regulatory officials and that Binance could secure the licenses within months.

Binance is a ‘resposnsible’ platform

Zhao’s comments also included a go at Reuters over its recent claims of money laundering schemes carried out via the exchange.

And in an interview with CNBC on Thursday, he reiterated Binance’s responsible trading, noting that it “probably” is the only platform to work towards this for the benefit of its customers.

Apart from trying to establish a customer’s risk knowledge in relation to leverage, Binance will also suspend new accounts that make losses when leverage trading.

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