Binance Is after VASP, EMI Licenses in Philippines, CEO Says

June 9, 2022 0 Comments

This post was originally published on this site

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 Philippine 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 Philippines capital.

 

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.

 

The exchange further
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. He also 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 the laundering of at least $2.35 billion in illicit funds. 

 

In a blog post published
on the same day, however, Binance slammed the report, noting that it is “rife with falsehoods, massive
leaps to conclusions, and relies on poor data”. 

 

Zhao in a Twitter post
on Tuesday also 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.”

This article was written by Solomon Oladipupo at www.financemagnates.com.

Leave a Reply

Your email address will not be published. Required fields are marked *