Binance Comments on PH Policy Group Asking BSP to Ban it in the Philippines

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Following reports of policy group Infrawatch PH’s letter to the Bangko Sentral ng Pilipinas (BSP) to ban and suspend Binance for illegally operating in the country, the global cryptocurrency exchange has sent a statement saying that while it has not yet received a copy of the letter, it is open to any discussion. 

“Binance has not received any formal copy of the letter request filed by Infrawatch PH; however, we are open to any discussion.”

“Binance is continuously engaging with stakeholders globally, including in the Philippines, to further contribute to the web3 and blockchain ecosystem. We are working and we would like to work with various organizations, companies and community movers to know how to make the best approach, introduce, and create opportunities around web3 technology in the Philippines.”

Binance Statement

A copy of the statement can be found below, posted by Infrawatch PH convenor Terry Ridon:

On June 15, 2022, Ridon sent a letter to the central bank to “ban and suspend” Binance because it does not have the necessary licenses to operate in the Philippines.

In his letter, he also urged BSP to reject any future application of Binance and its affiliates to register with the central bank because it compromised the financial system of the country. 

A copy of Infrawatch PH’s letter can be found below:

After the letter was made public by the media, Ridon shared an image in his Facebook post where he implied “crypto bros” are registering his email address to numerous porn accounts.

Just last week, the founder of Binance, Changpeng ‘CZ’ Zhao was in the Philippines to discuss his company’s expansion. He mentioned that Binance is interested to acquire a virtual asset service provider (VASP) license and the e-money (EMI) license. 

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Zhao also announced other initiatives, including investing in numerous web3 companies in the Philippines and plans to sponsor Filipino students through a scholarship program, where they can get a chance to work at Binance when they graduate.

Outgoing Finance Secretary Carlos Dominguez also said Binance is not on the Securities and Exchange Commission (SEC) list of registered companies.

As per the BSP website, Binance is not listed as a Virtual Asset Service Provider.

This is a developing story.

This article is published on BItPinas: This is Binance’s Response to PH Policy Group Asking the BSP to Ban it in the Philippines

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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