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Editing by Nathaniel Cajuday
Four months after his first visit, Binance CEO Changpeng “CZ” Zhao is in the Philippines again, and this time the exchange may forge a partnership with the local government unit of Bataan to spearhead the blockchain initiatives within the province, according to Bataan Governor Joet Garcia.
According to Garcia, they had a meeting with CZ along with Bataan 2nd District Congressman Abet Garcia and the representatives of the Authority of The Freeport Area of Bataan (AFAB). The topic of the meeting was the possible partnership of the Provincial Government of Bataan (PGB) with Binance Academy, the educational arm of the exchange.
The governor noted that the offerings of Binance Academy Curriculum as well as its training program will be a huge help to their province’s teachers and educators once it is implemented.
Consequently, Garcia also mentioned that they are encouraging Binance to register with AFAB, which he stressed has the capability to host blockchain technology on their charter.
Additionally, the CEO’s attendance in Bataan may hint that he might also attend the upcoming Global Blockchain Summit in the province from October 26 to 27, 2022.
Binance has been actively promoting and pushing for more structured web3 education in the country. Wherein during CZ’s visit last June, he announced the Binance Scholarship, an education program where they will be engaging with universities to recruit interns and, after the students graduate, they can be welcomed to the company.
Following this, last August, in a session of the Senate’s Committee on Banks, Financial Institutions and Currencies Binance’s Head of APAC Leon Foong, and General Manager for the Philippines Kenneth Stern promised that Binance will help local Philippine universities to offer courses and professional certificates in blockchain, crypto. and web3. (Read more: Binance Participates in Senate Hearing)
Recently, Binance also teamed up with the management college students of Enderun Colleges to further boost web3 education in the Philippines. As per the exchange, this collaboration is also an opportunity to further push for innovative programs for the next generations. (Read more: Binance Academy and Enderun Colleges Team Up to Boost Web3 Education in the Country)
Moreover, the exchange also conducted a cybercrime education session with the Department of Information and Communications Technology (DICT) – Cybercrime Investigation and Coordinating Center (CICC) last month.
For its overall reputation in the country, Binance ranked as one of the most trusted fintech platforms in the country, according to a recent study by the polling and data analytics firm WR Numero Research (WRN).
However, as the Bangko Sentral ng Pilipinas (BSP) closed the applications for virtual asset services provider (VASP) for three years, Binance is still not registered with our local regulators. As a solution, it seeks to acquire and take over a local company that already has the required licenses in order to operate legally. (Read more: Binance Exec Reveals Plans to Acquire PH Firm that Will Secure VASP License)
The action, nonetheless, was again questioned by the think tank group Infrawatch PH which asked the BSP if the backdoor acquisition of the VASP License is allowed. It is.
Priorly, Infrawatch has been active in sending letters to local regulators, the BSP, the Securities and Exchange Commission (SEC), and the Department of Trade and Industry (DTI), asking them to ban and suspend the exchange for illegally operating in the country.
For a more thorough report, check out the timeline of events here:
- (June 8) CZ visited the Philippines and talked to PH Media re: Binance expansion.
- (June 8) CZ said they intend to obtain a local crypto license.
- (June 9) Then Finance Secretary Dominguez said Binance is not yet registered and they are monitoring it.
- (June 10) Binance Scholarship for Filipinos.
- (June 15) Infrawatch PH sent a letter to the BSP asking it to ban and suspend the exchange for illegally operating here.
- (June 16) Binance responds: “We are open to discussions”.
- (June 16) Binance is hiring 2,000 more people.
- (July 7) Infrawatch Letter to DTI.
- (July 7) Binance Answers New Infrawatch Letter.
- (July 11) DTI Responds.
- (July 26) Infrawatch sends letter to SEC.
- (August 4) SEC responds, cautioning the public not to invest with Binance.
- (August 9) Binance says acquiring license is a priority
This article is published on BitPinas: Bataan Governor Explores Possible Partnership With Binance
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.