Binance Shadows Filipino License, Targeting Southeast Asia for Expansion

Gunning for More

The largest cryptocurrency exchange in the world is now looking to obtain an operating license in the Philippines. The Philippines issue its Electronic Money Issuer and Virtual Asset Service Provider licenses to companies before they operate. The Binance CEO met up with officials of the Philippine government to talk about regulations.

Binance is seeking the government’s and regulatory agencies’ support for its planned expansion into the Philippines. The company leads crypto and blockchain investments in Southeast Asia so as to promote crypto adoption. Importantly, Binance has begun to invest in web 3 and crypto companies via Binance Lab, its investment wing. 

The Advance Plan for Entering the Philippines

The Binance CEO stated at a press brief on the 8th of June that the company is applying for Filipino licenses. The country’s electronic money issuer and virtual asset service licenses would open the door of operation to the Southeast.

The CEO, CZ, equally believes that the new phase is of high importance as a result of crypto adoption in the region. Importantly, Binance hopes to have the support of banks and other regulators in the country. It is the hope that they would help to facilitate the delivery of crypto services in the Philippines.

CZ said he believes every form of regulation is to help promote the adoption of cryptocurrencies. He stated that companies, governments, as well as investors will be able to explore cryptocurrencies better with regulations.

The top crypto exchange in the world is on a path of wider expansion. It is continuously exploring various markets with increasing rates of crypto adoption. Binance has recently taken up new markets in Dubai, France, Italy, and Bahrain within six months.

Binance is still planning to head the next move of crypto adoption in Southeast Asia with its rapid expansion. Binance is now in strategic cooperation with the Vietnamese Blockchain Association. It plans to work with the association to boost the development of blockchain for a digital ecosystem.

Binance is also planning a partnership with MX Global Exchange in Malaysia. The partnership is going to involve other crypto firms in the country. The end goal is to improve crypto adoption rates in Malaysia.

US Security and Exchange Commission Investigates BNB Offers

While Binance is spreading its tentacles, the US SEC is investigating its BNB token. The investigation is exerting weight on the company at home and on its price in the market. BNB lost 10% of its market value after the SEC announced its investigations.

Whereas, investigations carried out by Reuters on the company on money laundering have also affected it. The report says Binance was involved in the transaction worth about $2.5 billion. The company, however, denied any such claims.