Binance Hopes to Secure Licenses in PH Through Acquisition of Local Firm

Major crypto exchange Binance is looking to purchase a PH-based company in its effort to obtain a virtual asset services provider (VASP) and electronic money issuer (EMI) licenses. Binance general manager for the Philippines Kenneth Stern recently disclosed that they are already engaged in “late-stage talks” with a particular firm.

“We are on the end of acquiring a VASP license and EMI license in the Philippines. That is still on track,” Stern explained. He expressed enthusiasm for the Philippines’ stance on crypto adoption, noting the constant rise of play-to-earn blockchain games in the country among younger users. “[The] demographic is prime for crypto usage. I think [this is] one of the reasons why we have a big adoption,” added Stern.

Binance’s move to acquire a company is its best avenue, particularly since the Bangko Sentral ng Pilipinas (BSP) will no longer be accepting VASP applications for the next three years. Moreover, the crypto exchange has coordinated with the Cybercrime Investigation and Coordination Center of the Department of Information and Communications Technology (DICT) to hold a seminar focused on common cybercrime activities within the crypto industry.

“Binance has been actively working with the Philippine government to ensure that Filipinos are ready for cryptocurrency adoption through the mitigation of risks in the sector,” Stern elaborated. “While we ensure that our platform has robust security and Know Your Customer (KYC) measures in place, we also want to aid the government in creating a fertile ground for fintech players to drive financial inclusion.”

Crypto investments that promise high returns are among the most prevalent form of cybercrime activities that Binance hopes to mitigate. Through its KYC, the crypto exchange verifies a user’s identity to diminish acts of fraud, money laundering, and other cybersecurity risks. Binance is currently present in 180 countries, providing blockchain-related services.

Source: Inquirer