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Changpeng Zhao Reveals Plans to Have Binance Operating in the Philippines

Amid the extensive situation that Binance has found itself in, the platform has shifted its focus on obtaining virtual assets service provider and e-money issuer license from the Philippines’ bank, Bangko Sentral ng Pilipinas (The Central Bank of the Philippines).

Changpeng Zhao, or CZ, the CEO of Binance, revealed he had plans to acquire two licenses that will play a critical role in helping the firm start operations in the Philippines.

During a press briefing in the country’s capital, Zhao shared that Binance is working to obtain the virtual assets service provider or VASP license. The license allows the platform to legally facilitate the exchange of digital assets, allowing people to convert crypto into the official local currency.

The Binance CEO also mentioned that Binance is in the process of acquiring an e-money issuer license from Bangko Sentral ng (pronounced nang) Pilipinas, which will allow Binance to issue electronic money.

Changpeng Zhao shared plans to expand operations within the country as he seeks to form partnerships and invest in banks operating within the Philippines.

Read also: Binance Under Investigation From the U.S. SEC Over BNB Sales

“We are interested in investing in traditional financial service centers, including payment service providers and banks,” said Zhao. “We want to help bring those businesses into the blockchain world.”

The Binance CEO also highlighted that the platform’s decision to broaden its presence in the Philippines can be attributed to the local developments of its payment services and the people’s advanced “understanding of crypto.”

Amid the announcements of his plans for Binance operating within the Philippines, Zhao also expressed his frustrations with international news agency Reuter’s recent reports regarding the platform.

He said that Reuters published rumors without providing concrete evidence, urging the audience not to be swayed by the rumors and assuring them that Binance does not involve itself in illicit activities.

Two days ago, Binance published a blog post addressing the allegations Reuters raised. In the post, the platform fired back at the news outlet, accusing it of writing an article meant to spread disinformation.

Read also: Step-by-Step Guide for Transferring Cryptoassets from Binance to Coinbase