Business
Binance is optimistic about its arrival in the Philippines despite rejection by the country’s SEC
Binance Asia-Pacific Director Leon Foong said that they are not distracted by the efforts of so-called lobbyists to ban Binance.
Source: Cointelegraph / Ezra Rewar
Despite the Philippine Securities and Exchange Commission warning the public not to invest with Binance , the exchange remains positive and determined to bring its services to the Southeast Asian country.
In an interview, Binance Asia-Pacific Director Leon Foong told Cointelegraph that they are very optimistic about the possibility of entering the Philippine market. The executive highlighted that despite the efforts of a lobby group to ban Binance, the firm will remain focused on trying to bring the benefits of cryptocurrencies to the country. He explained that:«We tend not to get distracted by what some of these so-called lobbyists are doing. Rather we want to focus on how to continue to provide our users with a better experience.»
Foong believes that Blockchain technology will be a key driver for financial inclusion and will bring tremendous opportunity to Filipinos. According to Foong, investments in technology were previously exclusive to individuals with high purchasing power. But with cryptocurrencies and Blockchain technology, the opportunity to invest in these projects is opening up to the masses all over the world. He said that:“If you look at how cryptocurrencies and digital assets have evolved over the years, it has actually opened up investment opportunities in new technologies and projects.”
Aside from this, the Binance executive also shared insights on how the country can increase its volume of foreign direct investment. Foong said that this requires a regulatory framework that welcomes local and global players and rules that favor competition, innovation and the protection of users. Finally, the executive said that the country must allow users to access global liquidity, with traders trading on the same order book .
On regulation, Foong said the Philippines is doing a great job building its frameworks around virtual asset service provider (VASP) and electronic money issuer (EMI) licenses. When asked about the exchange’s progress in acquiring such important licenses , the executive said that they had submitted the relevant documents. However, they cannot share more because the details are confidential. He said that:»I think we’re optimistic that we’ll be given the opportunity to actually acquire a registered entity in the Philippines and be able to work more closely with key local stakeholders to give people the digital assets and blockchain experience they deserve.»
According to Foong, compliance with regulations is a point of attention for the cryptocurrency exchange, as it makes them accountable to their users. Also, having a direct relationship with regulators is very helpful in clearing up misconceptions about the blockchain space and cryptocurrencies.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
