Finance Secretary: Binance is Not Registered with SEC But We are Tracing Them

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Department of Finance Secretary Carlos Dominguez III reminds the Filipino public that the global crypto exchange Binance is not registered with the Securities and Exchange Commission (SEC).

This comes one day after Binance CEO Changpeng CZ Zhao held a press conference with the media to discuss the company’s plans in the Philippines.

This is the text message the Commission sent to Sec. Dominguez, which also noted that the agency is monitoring the platform:

FROM SEC – BINANCE is not registered with us as a company but we are tracing them through our system

Carlos Dominguez, DOF Secretary

This is first reported by business reporter Jah Rosales from the Philippine Star.

In CZ’s conference with the media, he said Binance intends to secure a Virtual Asset Service Provider (VASP) license in the Philippines and the E-money (EMI) license as well.

“There are at least two licenses that we are interested in. There is VASP (Virtual Asset Service Provider) license. There is an EMI license, which is more for traditional services.” 

Changpeng CZ Zhao, CEO of Binance

Binance’s initiative aims to provide more localized services in the country and pour in investment in local banks and payment service providers.

CZ guaranteed that Binance will “work very closely with governments to help crafting regulations and provide its expertise in the space.

Zhao also discussed investing in more local companies and a scholarship program that will be first launched in the Philippines before other countries in Asia.

This is a developing story.

This article is published on BitPinas: Finance Secretary: Binance is Not Registered with SEC But We are Tracing Them

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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