Binance, the largest cryptocurrency exchange in the world in terms of trading volume, says it is trying to get two licenses in the Philippines.
These are the virtual asset provider (VASP) and the electronic money issuer (EMI) licenses.
The VASP license must enable the exchange to legally facilitate the trading of cryptocurrencies in the Philippines and also drive the conversion of cryptocurrencies to the Philippine peso, the country’s official currency.
On the other hand, the EMI license will allow Binance to issue electronic money in the country.
The exchange’s founder and CEO, Changpeng Zhao, revealed these during a press conference in Manila, the capital of the Philippines.
Binance in a statement issued on Wednesday said Zhao had met with Philippine officials to discuss regulatory and banking support for the expansion of the exchange in the country.
“He (Zhao) believes that regulations promote cryptocurrency adoption because the government, companies and investors can better explore cryptocurrencies and other digital assets,” Binance said in the statement.
The exchange further said that Zhao believes that Binance’s expansion into the country is important due to the high adoption of the country’s cryptocurrency.
During the press conference in Milan, Zhao discussed plans to expand to the Philippines. He also said Binance is looking to enter into partnerships and invest in banks that operate in the country.
Another Brewing Scandal?
Financial Tycoons reported earlier this week that Binance is facing an investigation by the U.S. Securities and Exchange Commission (SEC) into possible violations of the United Securities Markets Act with the sale of Binance Coins (BNB) in 2016.
The U.S. securities market regulator is primarily investigating whether BNB tokens can be classified under securities, and whether Binance has violated the laws with the sale of unregistered securities.
Also, in a report released Monday, Reuters wrote that for five years Binance had been operating as a conduit for the laundering of at least $ 2.35 billion in illegal funds.
In blog post published on the same day, however, Binance slammed the report, noting that it is “full of lies, massive jumps to conclusions and relies on bad data”.
Zhao in a Twitter post on Tuesday also described the report as “a great waste of time and resources.”
The facts are clear. According to Chainalysis, only 0.15% of ALL crypto transactions in 2021 were associated with some kind of illegal activity. The UN estimates that 2-5% of fiat (money), worth $ 800B to $ 2T, has been associated with some form of illegal activity. Let’s be real.
– CZ 🔶 Binance (@cz_binance) June 7, 2022
Zhao noted that while policymakers continue to debate how the cryptocurrency industry should be regulated, the exchange will do its part “by responding to every investigation, supporting the police where possible, and owning our mistakes.”
Binance, the largest cryptocurrency exchange in the world in terms of trading volume, says it is trying to get two licenses in the Philippines.
These are the virtual asset provider (VASP) and the electronic money issuer (EMI) licenses.
The VASP license must enable the exchange to legally facilitate the trading of cryptocurrencies in the Philippines and also drive the conversion of cryptocurrencies to the Philippine peso, the country’s official currency.
On the other hand, the EMI license will allow Binance to issue electronic money in the country.
The exchange’s founder and CEO, Changpeng Zhao, revealed these during a press conference in Manila, the capital of the Philippines.
Binance in a statement issued on Wednesday said Zhao had met with Philippine officials to discuss regulatory and banking support for the expansion of the exchange in the country.
“He (Zhao) believes that regulations promote cryptocurrency adoption because the government, companies and investors can better explore cryptocurrencies and other digital assets,” Binance said in the statement.
The exchange further said that Zhao believes that Binance’s expansion into the country is important due to the high adoption of the country’s cryptocurrency.
During the press conference in Milan, Zhao discussed plans to expand to the Philippines. He also said Binance is looking to enter into partnerships and invest in banks that operate in the country.
Another Brewing Scandal?
Financial Tycoons reported earlier this week that Binance is facing an investigation by the U.S. Securities and Exchange Commission (SEC) into possible violations of the United Securities Markets Act with the sale of Binance Coins (BNB) in 2016.
The U.S. securities market regulator is primarily investigating whether BNB tokens can be classified under securities, and whether Binance has violated the laws with the sale of unregistered securities.
Also, in a report released Monday, Reuters wrote that for five years Binance had been operating as a conduit for the laundering of at least $ 2.35 billion in illegal funds.
In blog post published on the same day, however, Binance slammed the report, noting that it is “full of lies, massive jumps to conclusions and relies on bad data”.
Zhao in a Twitter post on Tuesday also described the report as “a great waste of time and resources.”
The facts are clear. According to Chainalysis, only 0.15% of ALL crypto transactions in 2021 were associated with some kind of illegal activity. The UN estimates that 2-5% of fiat (money), worth $ 800B to $ 2T, has been associated with some form of illegal activity. Let’s be real.
– CZ 🔶 Binance (@cz_binance) June 7, 2022
Zhao noted that while policymakers continue to debate how the cryptocurrency industry should be regulated, the exchange will do its part “by responding to every investigation, supporting the police where possible, and owning our mistakes.”
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