In light of recent events, Binance has shifted its focus to obtaining a virtual assets service provider and e-money issuer license from the Philippines’ bank, Bangko Sentral ng Pilipinas (The Central Bank of the Philippines).
The CEO of Binance has revealed that he plans on acquiring two licenses which will be crucial for their future operations in the Philippines
The Binance team is working towards obtaining a license that will allow them to legally facilitate exchange of digital assets in their native country. This means people can convert crypto into fiat currencies.
The CEO of Binance has announced that the company is close to acquiring an e-money issuer license from within their borders, which would allow them to create electronic cash for customers.
Read also: Americans’ Wealth Takes a Hit from Stock Market Collapse
Zhao sought to form partnerships and invest in banks operating within the Philippines. He also announced his intention of expanding operations into this market, which would mark an expansion for their business.
“We are interested in investing in traditional financial service centers, including payment service providers and banks,” said Zhao. “We want to help bring those businesses into the blockchain world.”
The CEO of Binance highlighted that the platform’s expansion into the Philippines can be attributed to both its payment services and people’s advanced understanding about crypto.
Reacting to the recent reports by international news agency Reuters, Binance CEO Zhao Xianlong expressed his frustrations regarding their negative coverage of Binance operations after announcing his plans in the Philippines.
In his address to the audience, he said that Reuters published rumors without providing concrete evidence and urged people not be swayed by them. He assured the audience that Binance is not involved in any illicit activities.
In a surprising move, Binance published an open letter on their blog two days ago addressing the allegations Reuters raised. The post accused this news outlet of writing articles with malicious intent and spreading misinformation.
Read also: Qverse Becomes the Latest Addition to the Metaverse, Courtesy of Qatar Airways