Binance aims to expand in PH
Cryptocurrency exchange company Binance is looking to expand its presence in the Philippines as the country upholds its reputation as a major and important market in Southeast Asia.
According to Binance Founder and CEO Changpeng Zhao, the Philippines is a “very important market” to the firm due to its robust macroeconomic fundamentals and strong leadership and governance.
Zhao stated, “This is the type of growth markets are the markets we want to be in because we are in a relatively new technology field and it’s a fast-growing field.”
Binance is the world’s largest cryptocurrency exchange founded in July 2017. Its cryptocurrency and blockchain-related services include investments, fan tokens, NFTs (non-fungible tokens), and more.
The Binance founder added that the advancement in terms of payment services, mobile or smartphone adoption, and tech-savvy population make the Philippines an ideal location for cryptocurrency companies.
Binance is planning to secure licenses from regulators such as the Bangko Sentral ng Pilipinas (BSP) which issues licenses to virtual asset services providers (VASP) and electronic money issuers in the Philippines.
