Binance CEO CZ to Receive Licenses from Philippine-Based VASP and BSP

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.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Algorand? ALGO Coin Explained With Animations

SUBSCRIBE

ON YOUTUBE

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.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Full Bio

All Expert Contributors & Analysts