Binance CEO says crypto exchange looks for vital licenses in Philippines

The exchange platform is seeking to obtain virtual asset service provider and e-money issuer licenses from the Banko Sentral ng Pilipinas.

Changpeng Zhao, the CEO of crypto exchange Binance, revealed plans to get two licenses vital for the firm’s activities in the Philippines.

During a press event in Manila, Binance CEO Changpeng Zhao stated that the exchange is seeking a virtual asset service provider license, which would allow the platform to legally facilitate the exchange of digital assets and the conversion of cryptocurrency to Philippine pesos.

Apart from the VASP, Zhao stated that the trading platform is trying to get an e-money issuer license from the Philippines’ central bank, the Banko Sentral ng Pilipinas. Due to this license, Binance will be able to issue electronic money.

The CEO of Binance also discussed plans to develop the country’s operations within the country. According to Zhao, the firm is considering forming partnerships and investing in Philippine-based banks. He said:

​​”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.”

The exchange’s plan to expand its operations in the country is based on local advancements in payment services and the country’s advanced “understanding of crypto,” according to Zhao.

Zhao also expressed his dissatisfaction with a recent Reuters report on the exchange. He stated that the media source “just reported rumors and they didn’t provide any supporting evidence.”He also asked the public not to trust rumors and assured them that the firm was not engaged in illegal operations.

The exchange responded to Reuters’ allegations in a blog post two days ago. The exchange replied to the news platform within the post, asserting that the article was intended to convey misinformation.