Binance CEO confirms the company is going after Philippines licenses

CEO of major crypto exchange Binance, Changpeng Zhao, has shared plans of the company to secure two licenses in the Philippines. He mentioned the company’s plans during a press briefing in Manila.

The company is seeking to obtain the virtual assets service provider (VASP) license and the e-money issuer (EMI) license from the Bangko Sentral ng Pilipinas (BSP).

The VASP license will allow Binance to legally facilitate cryptocurrency trading the Philippines and allow the conversion of cryptocurrencies to the Philippine peso, the country’s official currency.

Additionally, the EMI license will allow Binance to operate and distribute electronic money in the country.

Binance

Zhao also disclosed the exchange’s plans to expand its operations within the country.

He said:

Changpeng Zhao, Binance

Changpeng Zhao
Source: LinkedIn

We are interested in investing in traditional financial service centers including payment service providers, banks, etc.

We want to help bring those businesses into the blockchain world.

Earlier in May, Binance tconfirmed it is in talks with Germany’s financial regulator BaFin over license to operate in the country. Zhao said he is talking with BaFin about growing Binance’s presence in Germany.

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