Binance remains positive and relentless in bringing its services to the Southeast Asian country despite the Philippine Securities and Exchanges Commission warning the public against investing with the exchange.
Binance’s head of Asia-Pacific Leon Foong stated that they are very optimistic about being able to enter the Philippines. The executive highlighted that despite the efforts of a lobbying group to ban Binance, the firm will continue to be focused on trying to bring the benefits of crypto to the country.
Foong believes that blockchain technology will be a key driver for financial inclusion and bring a huge opportunity to Filipinos. According to Foong, tech investments were once exclusive only to high-net-worth individuals. But with crypto and blockchain, the chance to invest in these projects is opened up to the masses across the globe.
The Binance executive also shared perspectives on how the country can increase its foreign direct investment volume. Foong said that this requires a regulatory framework that welcomes local and global players and rules that are pro-competition, pro-innovation and pro-user protection. Lastly, the executive said that the country must enable users to access global liquidity, with traders trading on the same order book.
Foong commented that the Philippines is doing a great job creating its frameworks around the virtual asset service provider and e-money issuer licenses. When asked about the exchange’s progress in acquiring these critical licenses, the executive said they submitted the relevant paperwork.
