Binance, the world’s largest cryptocurrency exchange by trading volume, says it is trying to get two licenses in the Philippines.
These are the virtual asset service provider (VASP) and the electronic money issuer (EMI) licenses.
The VASP license is to enable the exchange to legally facilitate the trading of cryptocurrencies in the Philippines as well as power the conversion of cryptocurrencies to the Philippine peso, the country’s official currency.
On the other hand, the EMI license will enable Binance to issue electronic money in the country.
The exchange’s founder and Chief Executive Officer, Changpeng Zhao, disclosed these during a press briefing in Manila, the capital of the Philippines.
Binance in a statement issued on Wednesday said Zhao has met with Philippine officials to discuss regulatory and banking support for the exchange’s expansion into the country.
“He (Zhao) believes regulations promote crypto adoption as the government, companies and investors can better explore cryptocurrencies and other digital assets,” Binance said in the statement.
Additionally, the exchange said that Zhao believes that Binance’s expansion into the country is important due to the country’s high cryptocurrency adoption.
During the press briefing in Milan, Zhao discussed plans to expand into the Philippines. in addition, he said Binance was seeking to enter into collaborations and invest in banks that operate in the country.
Another Brewing Scandal?
Finance Magnates reported earlier this week that Binance is facing an investigation by the US Securities and Exchange Commission (SEC) for possible violations of the United Securities markets law with the sale of Binance Coins (BNB) in 2016.
The US securities market regulator is primarily investigating whether BNB tokens can be categorized under securities, and if Binance violated the laws with the sale of unregistered securities.
Also, in a report published on Monday, Reuters wrote that for five years Binance served as a conduit for laundering of at least $2.35 billion in illicit funds.
In a blog post published on the same day, Binance slammed the report, noting that it is “rife with falsehoods, massive leaps to conclusions and relies on poor data.”
Furthermore, Zhao in a Twitter post on Tuesday described the report as “ a huge waste of time and resources.”
The facts are clear. According to Chainalysis, just 0.15% of ALL crypto transactions in 2021 were associated with some type of illicit activity. The UN estimates 2-5% of fiat (cash), worth $800B to $2T, was associated with some type of illicit activity. Let’s be real.
— CZ 🔶 Binance (@cz_binance) June 7, 2022
Zhao noted that as policymakers continue to debate how the cryptocurrency industry should be regulated, the exchange will do its part "by responding to every inquiry, supporting law enforcement wherever possible and owning up to our mistakes."
