Crypto exchange Binance seeks critical licenses in Philippines, CEO says
The exchange platform is looking to get virtual assets service provider and e-money issuer licenses from the Banko Sentral ng Pilipinas. Changpeng Zhao, the CEO of crypto trading platform Binance, shared plans to acquire two licenses that are critical for the firm's operations within the Philippines.In a press briefing in Manila, the Binance CEO mentioned that the exchange is looking to obtain the virtual assets service provider license, which allows the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso. Apart from the VASP,....
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Binance responded to the letter saying that they take compliance seriously and are looking to secure licenses in the country. Local think tank Infrawatch PH has sent a letter to the Philippines' Department of Trade and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for promotions without permits. The letter alleged that the crypto exchange has been targeting Filipino consumers with unregistered promotions that are being casually posted on social media platforms. Terry Ridon, the Convenor for Infrawatch PH, said that Binance....
Litecoin’s MWEB upgrade that makes transactions confidential comes at a time when the majority of the crypto exchanges are implementing strict KYC and AML guidelines. Crypto exchange Binance announced they are ending support for Litecoin (LTC) transactions sent through the latest MimbleWimble (MWEB) upgrade.Binance warned that any transaction sent through the MWEB function would be lost since the crypto exchange can’t verify the sender’s address. The crypto exchange didn’t respond to Cointelegraph’s request for comments at the time of publishing.The announcement comes just days after major....
The archipelagic country of the the Philippines is exploring blockchain use cases across different industry verticals. Binance, the cryptocurrency exchange, has recently acquired a virtual asset service provider (VASP) license from the Bank of Spain in order to operate in the country. In its ambitious expansion plans that the cryptocurrency exchange is persisting despite the global jump and market slump in the cryptoverse, there is another country that Binance is looking toward — the Philippines.In June, the CEO of Binance, Changpeng Zhao, stated in a press briefing in Manila that the....
A think tank in the Philippines doesn’t give up on efforts to ban Binance, now claiming that the crypto exchange has been operating illegally in the country. Philippines’ think tank Infrawatch PH continues efforts to ban Binance in the country by asking more regulators to investigate the cryptocurrency exchange over alleged illegal operations.Infrawatch PH on Monday filed a twelve-page complaint calling on the Philippines’ Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the Philippines.According to the think tank, Binance has been operating in the....
Binance is seeking licensing to establish a presence in the Philippines ahead of a moratorium and providing educational resources for future traders and blockchain developers. Binance representatives participated in a hearing of the Philippine Senate Banking Committee, according to a report in the local press Wednesday. Bangko Sentral ng Pilipinas deputy governor Chuchi Fonacier, the country’s Security Exchange Commission (SEC) chair Emilio Aquino, and members of FinTech Alliance Philippines and the Cagayan Economic Zone Authority also took part in that hearing.The hearing was devoted to....