“In the Philippines, Binance is looking to secure the VASP and EMI licenses. We are continuously engaging in discussions with regulators and stakeholders within the country.”
This is the response of global cryptocurrency exchange Binance after public policy think tank Infrawatch PH called the attention of the Department of Trade and Industry (DTI) to investigate Binance’s unregistered local promotion offers.
According to crypto news outlet Cointelegraph, a Binance spokesperson hinted to them that the crypto exchange is currently working with regulators, law enforcement, and industry leaders to strengthen its security and sustainability within the industry.
The spokesperson also explained that Binance is taking compliance seriously, adding that the introduced mandatory Know Your Customer (KYC) requirements for its users are evidence.
“Our goal is to contribute to the Philippines’ increasingly vibrant Web3 and blockchain ecosystem,” Binance concluded, highlighting that they have been continuously investing in compliance efforts.
Timeline of Events:
- (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
This is not the first time that the crypto exchange has answered Infrawatch PH’s allegations.
Last month, the policy think tank group sent a letter to the Bangko Sentral ng Pilipinas (BSP) to ban and suspend Binance for illegally operating in the country.
Binance said that though it has not received any formal copy of the letter request filed by Infrawatch PH, it is still open to any discussion.
The recent letter of Infrawatch PH to DTI claims that Binance has reckless and unlicensed sales promotion in the country, and that it can be subjected to a probable cease and desist from offering their sales promotion to Filipinos for violating R.A. 7394 or the Consumer Act of the Philippines.
BitPinas’ report about this article garnered a thousand reactions, 200-plus comments, and about 500 shares on its Facebook page.
According to Russ De Guzman, a Facebook commenter, “Let the people choose kung anong platform gusto nilang gamitin [what platform they want to use]. Gusto ng tao ng [The people want] reliable, consistent and most importantly, safe. And for me binance is the best!”
Others also emphasized in the comment section that some Filipinos still choose Binance as their crypto exchange wallet because it offers lower fees compared to the VASP-licensed wallets in the country like PDAX, Coins.ph, and Maya.
This article is published on BitPinas: Binance Answers Infrawatch PH’s Letter to DTI
This article is published on BitPinas: 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.