CZ Lands In Philippines To Expand Binance Exchange

CEO of Binance CZ Zhao is in talks with media and officials in the Philippines to discuss company expansion.
He emphasized that the Philippines is an important market for Binance.
Binance is looking to acquire VASP and EMI licenses in the country.

The CEO of Binance Changpeng Zhao is in the Philippines, a developing country, to tackle the expansion of its cryptocurrency exchange in the nation.

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Jekki Pascual, a reporter at ABS-CBN news, revealed in a tweet the image of CZ Zhao speaking with the media in the country about the company’s expansion.

During the press briefing, CZ Zhao said the Philippines is a very important market for Binance, the largest and leading cryptocurrency exchange worldwide. The crypto exchange wishes to expand its team in the Philippines, particularly if there is banking and regulatory support.

In a survey conducted by finder.com, the crypto ownership rate in the Philippines is 16.6% as of April this year. Among those who own cryptocurrencies in the Philippines, 37.8% of them own Bitcoin, followed by Ethereum at 22% and Dogecoin at 19%.

Reportedly, Binance’s CEO plans to invest in traditional financial firms like banks and payments service providers. Zhao pointed out that the company wants to “help bring those businesses in the blockchain world.”

Furthermore, the CEO of Binance is a supporter of cryptocurrency regulation. He stated that “regulation helps adoption, not the other way around.”

As of today, Binance does not have a Virtual Asset Service Providers (VASP) license as per Bangko Sentral ng Pilipinas, the country’s central bank. Zhao has contacted and met with some officials in the country to acquire licenses, including VASP and Electronic Money Issuer (EMI).

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Bryan Yanzon

Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.