Binance Will Assist The Philippines With Crypto Regulation

Binance will assist the Philippines with crypto regulation according to a recent report, which states that Binance has joined FinTech Alliance Philippines and some other organizations in order to assist the government with regulation.

The announcement came after the Philippines SEC issued a warning to the public about using Binance.

Assisting The Philippines Government

Binance, the largest cryptocurrency exchange by daily trading volume, has announced plans to expand into new markets in 2022. The company has obtained permits in a number of nations.

Changpeng Zhao, the CEO, has also been to other nations to meet with prominent government leaders. The majority of these encounters were fruitful. This is because it has become simpler for the company to obtain permission to operate in these areas.

Unfortunately, Binance’s entry into the Philippines did not go as smoothly as the company had hoped. Regulators, notably the US Securities and Exchange Commission, slammed the crypto company.

However, it appears that the platform has received some official assistance. According to sources, Binance will assist the Philippines with crypto regulation.

Various entities were present at a Senate meeting. Senator Mark Villar’s Committee on Financial Institutions, Banks, and Currency, the Philippines SEC, FinTech Alliance Philippines, Binance, Cagayan Economic Zone Authority [CEZA], and the Bangko Sentral ng Pilipinas [BSP] are among them.

Philippines Government To Prioritize Consumer Protection

During the session, they discussed a variety of topics, including the development of laws and norms governing fintech and cryptocurrency. Despite the government’s efforts to encourage innovation, consumer safety remains a top concern.

Binance was represented by Leon Foong, APAC Director of Binance, and Kenneth Stern, General Manager of Binance Philippines. Stern stated in response to recent news that the crypto business has the potential to assist the people of the Philippines.

Furthermore, Stern stated that cryptocurrencies will promote financial inclusion in the region, as 78% of the population is unbanked. The APAC Director stated that bitcoin has the potential to lower this ratio, stressing that cryptocurrency holders would soon exceed credit card holders in the Philippines.

Will They Allow Binance To Operate?

As previously said, it was not simple for the crypto business Binance to enter the Philippines and begin delivering cryptocurrency services. Meanwhile, a think tank in the nation expressed its concern with the crypto exchange.

The think tank has requested the country’s Securities and Exchange Commission to reconsider the existence of a cryptocurrency exchange in the country. Following the request, the regulator issued a warning to users of the Binance site.

“The crypto exchange, Binance, does not have the required license or permit to operate as an investment firm in the Philippines. Only registered entities can apply for licenses to offer such services,” – was stated by the Regulator.

Despite widespread condemnation and criticism in the area, Binance has continued to collaborate with the Philippines regulator and other government authorities. There are also rumors that the exchange business intends to open local legal offices in the region.