Political Think Tank Calls on Philippine Government to Ban Binance for Promotions
Binance responded to the letter saying they take compliance seriously and are seeking licenses in the country.
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Local think tank Infrawatch PH has sent a letter to the Philippines Department of Commerce and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for unlicensed promotions.
The letter alleged that the crypto exchange targeted Filipino consumers with unregistered promotions that were casually displayed on social media platforms. Terry Ridon, the head of Infrawatch PH, said that Binance does not comply with Philippine regulations, as the exchange operates as a virtual asset service provider (VASP) in the country without a license.
In response to the letter, a Binance spokesperson told Cointelegraph that the exchange takes compliance seriously and works with regulators, law enforcement and industry leaders to strengthen compliance. safety and sustainability within the industry. Binance explained that:
"In the Philippines, Binance is seeking to secure VASP and EMI licenses. We are continuously engaging in discussions with regulators and stakeholders in the country. Our goal is to contribute to the growing Web3 and blockchain ecosystem. dynamics of the Philippines."
The Binance spokesperson also emphasized that the exchange enforces compliance with applicable laws and regulations. Additionally, the exchange has introduced mandatory know-your-customer (KYC) requirements for its users. Additionally, the spokesperson noted that they continually invest in compliance efforts.
In June, Binance CEO Changpeng Zhao attended a press briefing in Manila where he expressed the exchange's intention to obtain critical licenses in the Philippines. This includes the VASP License which allows the company to legally facilitate crypto exchanges and the Electronic Money Issuer (EMI) License which allows Binance to issue digital currency.
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Binance responded to the letter saying they take compliance seriously and are seeking licenses in the country.
New
Local think tank Infrawatch PH has sent a letter to the Philippines Department of Commerce and Industry (DTI), urging the government agency to launch an investigation against crypto exchange Binance for unlicensed promotions.
The letter alleged that the crypto exchange targeted Filipino consumers with unregistered promotions that were casually displayed on social media platforms. Terry Ridon, the head of Infrawatch PH, said that Binance does not comply with Philippine regulations, as the exchange operates as a virtual asset service provider (VASP) in the country without a license.
In response to the letter, a Binance spokesperson told Cointelegraph that the exchange takes compliance seriously and works with regulators, law enforcement and industry leaders to strengthen compliance. safety and sustainability within the industry. Binance explained that:
"In the Philippines, Binance is seeking to secure VASP and EMI licenses. We are continuously engaging in discussions with regulators and stakeholders in the country. Our goal is to contribute to the growing Web3 and blockchain ecosystem. dynamics of the Philippines."
The Binance spokesperson also emphasized that the exchange enforces compliance with applicable laws and regulations. Additionally, the exchange has introduced mandatory know-your-customer (KYC) requirements for its users. Additionally, the spokesperson noted that they continually invest in compliance efforts.
In June, Binance CEO Changpeng Zhao attended a press briefing in Manila where he expressed the exchange's intention to obtain critical licenses in the Philippines. This includes the VASP License which allows the company to legally facilitate crypto exchanges and the Electronic Money Issuer (EMI) License which allows Binance to issue digital currency.
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