The Binance CEO plans to grab the licenses within the new few months.
According to the official statement released on June 8, Changpeng Zhao (CZ), the CEO of the world’s biggest crypto exchange in terms of daily trading volume in cryptocurrencies Binance, is reportedly seeking to gain licensing from two Philippine-based companies.
As reported, Binance firstly plans to get its hands on a license from a virtual assets service provider (VASP) that will assist the organization in legally facilitating the exchange of digital assets and conversion of fiat to pesos or the other way around. On top of that, CZ noted that Binance is also aiming to procure another license from the Bango Sentral ng Pilipinas (BSP) which will allow the company to distribute electronic money.
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During one of the ANC interviews, CZ noted that Binance will also focus on working with various Philippine-located banking institutions in the near future. He expanded upon the importance of such relationships and stated:
"We are interested in investing in traditional financial service centers including payment service providers, banks [...] we want to help bring those businesses into the blockchain world."
The Binance CEO underlined the importance of such licenses by indicating that they will allow the exchange to "have a more localized service" in such a crypto-advanced country that has a well-developed payment system.
In addition, Zhao mentioned that Binance seeks to collaborate with governments to assist them in “crafting regulations”, as well as provide its experience and knowledge in the field.
Moreover, CZ stated that he has already begun discussing with VASP and BSP as Binance plans to get the hold of the licenses within a few months.
Earlier in June, Zhao lashed back at Reuter’s report indicating that the exchange is a “safe harbor” for various fraudsters and scammers. Likewise, the news agency mentioned that the firm has helped such deceivers of the law to launder over $2.35 billion. However, CZ advised the public to “ignore those authors and pundits who cherry-pick data.”
In other news, on June 1, Binance also launched a $500M fund to help various projects in exploring the adoption of crypto and driving the implementation of blockchain and Web3 technologies.
