Binance May Have to Answer in the Philippines next. Details

Paigambar Mohan Raj
Source: Binance

Although many crypto exchanges and firms are facing the brunt of the market slump, Binance is on an expansion mission. However, the world’s largest crypto exchange is being called into question by officials in the Philippines.

The local news outlet, Bitpinas has obtained a letter sent to the Department of Trade and Industry (DTI) highlighting this revelation. The local think tank Infrawatch PH sent the letter to the department. The agency has called the DTI’s attention to Binance’s local promotion offers.

According to the letter, the exchange allegedly does not have the necessary permits. Terry Ridon, the think tank’s convener, claimed that the promotions are haphazardly on websites, Facebook, and other local communities.

Ridon says that the exchange disregards Philippine regulations. Moreover, he says that the exchange provides virtual assets without a license.

A Binance spokesperson told Cointelegraph,

“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. Our goal is to contribute to the Philippines’ increasingly vibrant Web3 and blockchain ecosystem.”

Additionally, the spokesperson emphasized that the exchange strictly obeys all applicable rules and regulations. Further, the exchange has implemented compulsory Know-Your-Customer (KYC) protocols.

Moreover, Binance CEO Changpeng Zhao, or CZ, spoke to Philippine media last month, expressing the exchange’s intent to obtain said licenses in the country. Among these is the virtual asset service provider (VASP) license, which will allow the exchange to perform digital asset services in the country.

Is crypto winter a time for growth for Binance?

CEO CZ had said via Twitter that it was challenging to say no to SuperBowl Ads, Naming Rights, and Large sponsorship deals. However, the exchange’s strategy seems to have changed.

The exchange has recently entered into partnerships with two of the most followed personalities on Instagram and Tiktok. In late June, the exchange allied with Cristiano Ronaldo, who has the highest number of followers on Instagram. The two will collaborate and drop exclusive NFT collections.

Soon after, Binance announced its partnership with Khaby Lame, who has the highest number of followers on Tiktok.

Lastly, the exchange has hired Jasmine Lee as the new CFO for BinanceU.S. Lee has served as CFO and chief operating officer at Acorns in the past, and she was also an executive at Paypal.

Whatever the case, Binance seems to be keeping warm this crypto winter. Even when other firms let employees go, Binance said it was hiring.