Binance Wants To Obtain Cryptocurrency License in the Philippines

Amid worldwide development attempts, the world’s largest exchange is trying to expand its operations by entering the Southeast Asian market. Binance is in talks with Philippine market regulators over regulatory permission, according to ABS-CBN reporter Jekki Pascual. CEO Changpeng Zhao revealed the news to local media outlets on Wednesday, according to Pascual. Binance CEO CZ Zhao talks to media in the Philippines to discuss company's expansion in the country. Binance is the world's largest cryptocurrency exchange. pic.twitter.com/haZHt9n5f9 — Jekki Pascual (@jekkipascual) June 8, 2022 According to the comments, the massive crypto exchange is looking for two licenses: an Electronic Money Issuer (EMI) and a Virtual Asset Service Provider (VASP). Both approvals could enable the company to offer a diverse range of cryptocurrency and digital asset solutions to Southeast Asia’s burgeoning economy. Binance is also interested in helping payment service providers and investing in banks, according to CZ. According to the company’s CEO, fortifying such institutions with blockchain technology is advantageous for greater crypto adoption and financial system security. Binance Increases Global Push And Strengthens Compliance The Philippines is the most recent jurisdiction in which the leading exchange intends to establish itself. Following receiving crypto licenses in France and Italy, Binance has received regulatory approval throughout Eur...