The CEO of Binance Changpeng Zhao, shared his plans to acquire two licenses that are critical for the firm’s operations in the Philippines.
The Binance CEO mentioned that the exchange is looking to obtain the virtual assets service provider license, which enables the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso.
Zhao also noted that the trading platform is working to obtain an e-money issuer license from the country’s central bank. This license will allow Binance to issue electronic money.
The Binance CEO talked about plans to expand the country’s operations within the country. According to him the firm is looking to form partnerships and investing in banks that operate in the Philippines.
Zhao highlighted that the exchange’s decision to broaden its presence within the country is due to local developments in terms of payment services and the country’s advanced “understanding of crypto.
