The world’s biggest cryptocurrency exchange Binance is looking to establish a partnership with local payment service providers and banking institutions in a bid to provide localized services in the Philippines.

Per a press briefing in the city of Taguig, Binance founder and CEO Changpeng Zhao emphasizes the country’s importance in the entire crypto ecosystem.

Zhao likewise claims the Philippines’ “advanced” status in the aspects of payment services, smartphone adoption, mobile penetration, knowledge of crypto, as well as tech talent.


Expanding on the notion of “providing localized services,” Zhao refers to “licensing” in addition to “working closely with regulators.”

As for the licenses, the CEO highlights Virtual Asset Service Provider (VASP), a crypto license, and the Electronic Money Issuer (EMI), for traditional services.

Changpeng Zhao admits to wanting to bring the local service payment providers, banks, etc. into the blockchain, to expand Binance’s market.

Source: GMA News

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  1. I hope the deal would push thru, and i hope CZ would give emphasis on
    the privacy of the Filipino crypto traders who are in the binance
    ecosystem, specially the KYC matter which IS A MAJOR ISSUE WHY A LOT
    OF PINOYS OPT TO TRADE ON OTHER OFFSHORE Crypto platforms rather
    than local ones such as PDAX and where when you deposit
    around 3 to 5K USD worth of crypto assets they will suspend your account
    and subject you to UNNECESSARY KYC policies until further notice which
    in the first place you have already submitted the required financial
    documents in the signup process in order to meet the level of trading as
    far as limit is concerned, altho it is a part of the law but there are better
    ways to eliminate the possibility of money laundering thru submission of
    other government documents upon signing up AND BY SUBJECTING your
    clients in a one one video calling and asking very serious financial related
    matters infront of the people you dont even know is a BIG NO NO, even
    the Local BANKING and other financial institutions dont ask questions in a
    manner like those they do in the KYC. It defeats the very nature of Crypto
    currency trading in the first place. In order for binance partnership to earn
    a lot of revenue and become successful CZ must COME UP a system
    where the “detailed” financial information of Filipinos be kept on the
    highest privacy with guarantees that only the relevant basic infos will be
    shared to other local banks as far as “CASH-IN / CHASING-IN” of earnings
    from Cryptos traded in Binance SPECIALLY those Filipinos who are
    BIGTIME traders that earns millions a month which everyday they send
    hundreds of thousand of pesos in their local bank accounts WITH NO
    EXTRA FINANCIAL KYC MATTERS TO GO THRU! As of now, a lot of Pinoy
    BIGTIME Crypto traders DOES NOT TRADE IN PDAX and Coins.PH altho
    trading platforms because of that PRIVACY AND KYC matters. With these
    issues PDAX and continues to hope to earn a lot of profits but
    DOES NOT REALIZE the IMPORTANCE of the privacy of crytpo traders and
    does not address it properly. That is why until now their market share and
    revenues compared to Indonesia and other South East Asian countries
    with localized cypto trading platforms are somewhat lagging behind while
    the same or similar anti money laundering laws are existing. (so whats the
    issue with local AMLC here?)

    If CZ could make the KYC less relevant and not intervening with no VIDEO
    INTERVIEWS and as long as the trader submits documents in accordance
    to anti-money laundering council upon signing up, there’s a big possibility
    that many bigtime pinoy traders will opt to move to binance otherwise,
    ONCE there’s a suspension of account just for a small 5K usd just sent in a
    binance wallet coming from the a hardware wallet that the trader owns
    and the trader is being subject to video calling for KYC matters REST
    ASSURED the issue will explode easily and it will reach those big time
    traders and will not opt to trade in binance locally. So whats the sense of
    your service as compared to Pdax and Its the same.. so revenues
    will be the same too… “its gonna be LOW!” Might as well trade with Pdax
    and since binance does not implement any compelling

    ALSO, Binance must implement a LOCALIZED CRYTO ESCROW SERVICE
    where no KYC is in the MIDDLE OF THE DEAL, its must be PURE “one-on-
    one” trading system as long as buying side has submitted the agreed
    amount and sent thru the agreed payment medium(s) the deal will push
    thru with no questions asked, no KYC matters or whatsoever! That will
    generate a lot of revenues for binance for sure.

    I hope CZ is reading this so somehow his eyes will be opened regarding
    local KYC matters and if not, as long as there’s no compelling reason to
    move to Binance such as mentioned above, dont expect the service
    to earn a lot of revenue.