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Binance To Expand in Philippines, Woos Officials To Get License

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08
Jun
  • Binance CEO Changpeng Zhao is in the Philippines to talk about the company’s plans to expand in the country.
  • Zhao hopes to secure regulatory licenses in the Philippines.
  • Earlier this week, Binance partnered with Malaysian exchanges to accelerate crypto adoption.

Binance CEO Changpeng Zhao is in the Philippines to talk about the cryptocurrency exchange’s plans to expand in the country.

Changpeng Zhao addresses the Philippine media (Sources: Jekki Pascual, ABS-CBN News)

The CEO said the company is looking to invest in Philippine traditional financial institutions such as banks and payments service providers. “We want to help bring those businesses [into] the blockchain world.”

“Regulation helps adoption, not the other way around,” Zhao said when mentioning that he has met with a few Philippine officials in hopes of getting licenses for Binance. Such permits include the Virtual Asset Service Providers (VASP) and Electronic Money Issuer.

Interestingly, Binance trying to get VASP has been hinted at before by Filipino journalist Michelle Ong in a live TV interview over two months ago. As per the Philippine central bank, Binance has yet to have one.

Zhao then revealed that Binance is hoping to expand its operations in the Philippines, especially once regulatory and banking support is in place.

[The] Philippines is very important. It’s actually super important for us.

More details about Zhao’s South East Asian tour to woo the region’s governments have yet to surface, but it is apparent that the CEO is adamant about establishing Binance in this part of the globe.

Earlier this week, Binance Malaysia inked a partnership with Malaysian exchanges to expedite crypto adoption in the country. Currently, the nation is focusing on its local digital asset sector.

When looking at the Philippines’ blockchain and crypto climate, it appears that Binance would not get into much trouble in procuring these licenses as the country is seemingly sympathetic toward the technology.

CQ earlier reported that the Philippines will launch the pilot program for its CBDC. The country’s central bank announced that it is pushing for continued research and development in the CBDC space.

Notably, the Philippines ranks 15th in the global cryptocurrency adoption list published by Business World late last year. And just this March, the country’s Science and Technology department made it known that the government will push for adoption, starting with encouraging blockchain courses in universities.

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