Binance is Hopeful of Operating in the Philippines Despite Opposition
- Binance said it has submitted the required documents with the Philippine authorities and is hopeful of being granted a license to operate in the country.
Popular crypto exchange, Binance, is optimistic about gaining recognition in the Philippines despite regulatory opposition. The Securities and Exchange Commission of the Philippines recently warned the public against investing in the trading platform, noting that its operations are not recognized.
In an interview with Cointelegraph, Binance’s head of Asia-Pacific, Leon Foong expressed his optimism about the platform’s chances of penetrating the Southeast Asian country regardless of the efforts of a local think tank group. Leon said in the interview,
We tend not to really get distracted by what some of these other so-called lobbying bodies are doing. Rather, we want to focus on how we continue offering our users a better experience.
According to Leon, blockchain technology will play a significant role in promoting financial inclusion and provide the Philippines with tremendous opportunities. Prior to this time, investment opportunities were only accessible to high-net-worth individuals. But, now, blockchain technology has bridged that gap, helping anyone with the right information to invest in blockchain projects and earn rewards.
Leon further offered suggestions on how the Philippines could boost the volume of foreign direct investment. According to him, the Asian giant would have to adopt more friendly policies that enable international firms to invest in their region.
The Binance executive was, however, full of praise for the regulatory process the Philippines had put in place around the licenses for e-money issuers (EMI) and virtual asset service providers (VASP). Leon also revealed that Binance had submitted the necessary papers with the authorities when questioned about the exchange’s progress in obtaining these essential licenses.
Expressing his optimism about being approved, he said,
I think we are optimistic that we’ll be given a chance to really acquire a registered entity in the Philippines and be able to work closer with key local stakeholders to offer the people the digital assets and blockchain experience that they deserve.
Binance has focused its attention on building a closer relationship with regulators in the country which Leon believes would help clear off wrong impressions. The crypto exchange was accused of offering illegal services in the country since it was not registered with the appropriate bodies.
Binance has not had it easy with regulators over the past year with many countries banning its services. However, gaining access to the Philippines would be a good starting point for the trading platform since it plans to expand and tighten its grip on the Asian market.