Binance says 'open for discussion' after group calls for platform's ban

ABS-CBN News

Posted at Jun 16 2022 04:27 PM

MANILA - Cryptocurrency exchange Binance on Thursday said it is “open to discussions” after a group called for the platform to be banned in the Philippines.

Infrawatch PH earlier called on the Bangko Sentral ng Pilipinas to ban Binance citing the volatility of cryptocurrencies and the platform's lack of a Virtual Asset Service Provider (VASP) license.

“The continued disregard of the licensing rules and regulations by Binance spoils the BSP’s mandate ‘to provide an environment that encourages financial innovation while safeguarding the integrity and stability of the financial system’ and undermines the government’s risk-based approach to virtual asset transactions and service providers,” said Terry Ridon, Infrawatch PH convenor. 

Ridon said that following the crash in the cryptocurrency market, the government should ensure that only registered entities are allowed to receive money from the public, and that these entities have a track record of financial regulation compliance and customer protection.

Binance meanwhile said has not received a copy of the complaint.

"Binance has not received any formal copy of the letter request filed by Infrawatch PH; however, we are open to any discussion," the company said.

"Binance is continuously engaging with stakeholders globally, including in the Philippines, to further contribute to the web3 and blockchain ecosystem. We are working and would like to work with various organizations, companies, and community movers to know how to make the best approach, introduce, and create opportunities around web3 technology in the Philippines," the company said in a statement.

During his recent visit to Manila, Binance CEO Changpeng Zhao told reporters that the platform has met with regulators including the BSP to secure the necessary licenses to operate in the country.

He said Binance is processing its VASP and electronic money issuer (EMI) licenses.

In the Philippines, there are currently 19 registered VASPs as of March and 29 registered EMIs as of April.

- with a report from Jekki Pascual, ABS-CBN News

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