Think-Tank Infrawatch PH Request To Suspend and Ban Binance PH

  • Think-tank Infrawatch PH wrote to the central bank of the Philippines to suspend and ban Binance.
  • The think-tank agency stated that the request was due to the exchange’s action to operate without Virtual Asset Services Provider (VASP) license.
  • Last week, Binance said the company is processing its VASP and EMI license in the country.

Think-tank Infrawatch PH wrote to Banko Sentral ng Pilipinas, central bank of the Philippines, on Wednesday asking to “suspend and ban” the leading crypto exchange Binance for operating in the country in the absence of a Virtual Asset Services Provider (VASP) license.

The letter’s opening as shown in a Facebook post by Philippine Daily Inquirer stated:

We, therefore, invite your immediate attention to this very pressing matter for your appropriate action, in accordance with existing laws and regulations in the Philippines.

Infrawatch PH is a non-government public policy think-tank targeting the major public infrastructure and development projects in the Philippines.

The Infrawatch PH is expecting the central bank of the Philippines to “conduct motu proprio proceedings” or initiate an investigation on the operations of Binance in the country.  

The non-government agency added that during notice and hearing, and after the court found out that Binance has been operating in the country without VASP license, the central bank should suspend all operations and reject future applications coming from the top crypto exchange including its affiliates.

One Facebook user who commented said “too late, people have already lost a lot of money,” and others said that the request was a result of a negative portfolio from the Infrawatch members amid crypto crash.

Meanwhile, Binance’s CEO CZ Zhao confirmed last week upon arriving in the Philippines that the exchange is in talks of acquiring the VASP and EMI licenses.

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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.