Binance, a cryptocurrency exchange, said on Thursday that it is “open to discussions” after a group demanded that the platform be banned in the Philippines.
Infrawatch PH had previously called on the Bangko Sentral ng Pilipinas to prohibit Binance, citing cryptocurrency volatility and the platform’s absence of a Virtual Asset Service Provider (VASP) license.
“The continued disregard of the licensing rules and regulations by Binance spoils the BSP’s mandate ‘to provide an environment that encourages financial innovation while safeguarding the integrity and stability of the financial system’ and undermines the government’s risk-based approach to virtual asset transactions and service providers,” said Terry Ridon, Infrawatch PH convenor.
Following the cryptocurrency market meltdown, Ridon believes the government should verify that only registered businesses are permitted to collect money from the public and that these entities have a track record of financial regulation adherence and client protection.
Meanwhile, Binance stated that it had not obtained a copy of the complaint.
“Binance has not received any formal copy of the letter request filed by Infrawatch PH; however, we are open to any discussion,” the cryptocurrency company said.
Binance “open to discussions” after calls for platform’s ban in PH
“Binance is continuously engaging with stakeholders globally, including in the Philippines, to further contribute to the web3 and blockchain ecosystem. We are working and would like to work with various organizations, companies, and community movers to know how to make the best approach, introduce, and create opportunities around web3 technology in the Philippines,” the company said in a statement.
Binance CEO Changpeng Zhao told reporters during a recent visit to Manila that the platform has engaged with officials, including the BSP, to get the necessary licenses to operate in the nation.
He stated that Binance is in the process of obtaining its VASP and electronic money issuer (EMI) licenses.
As of March, there were 19 registered VASPs and 29 registered EMIs in the Philippines.
The Philippines is more advanced in terms of payment services, mobile penetration, smartphone adoption, tech talents, and understanding of crypto. All those fronts, the Philippines is ahead,” Zhao said.
“We would love to be able to provide more localized services by going into licensing and working closely with regulators here,” he said.
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