Binance optimistic about Philippines entry despite SEC opposition

Although the Philippine Securities and Exchange Commission warns the public Oppose investing in Binancethe cryptocurrency exchange maintains a proactive and relentless attitude when it comes to bringing its services to the Southeast Asian country.

In an interview, Binance Asia Pacific head Leon Foong told Cointelegraph that they are very optimistic about being able to enter the Philippines.The executive emphasized that although lobbying efforts In order to ban Binance, the company will continue to focus on trying to bring the benefits of cryptocurrency to the country. He explained:

“We tend not to get distracted by what some other so-called lobbying agency is doing. Instead, we want to focus on how we can continue to provide a better experience for our users.”

Foong believes that blockchain technology will be a key driver of financial inclusion and a huge opportunity for Filipinos. Tech investing used to be limited to high-net-worth individuals, Foong said. But with crypto and blockchain, the opportunity to invest in these projects is open to the global public. He said:

“If you look at how cryptocurrencies and digital assets have evolved over the years, it actually opens up investment opportunities for new technologies and new projects.”

In addition to this, Binance executives shared their views on how the country can increase the volume of foreign direct investment. This requires a regulatory framework that welcomes local and global players and rules that are pro-competitive, pro-innovation and pro-user protection, Foong said.Finally, the executive said the country must enable users to access global liquidity, traders Trade on the same order book.

related: The Philippine Department of Trade and Industry says Binance bans the card

Regarding regulation, Foong commented that the Philippines has done a good job in creating a framework around Virtual Asset Service Provider (VASP) and Electronic Money Issuer (EMI) licenses​​.When asked about the progress of the exchange Get these critical licenses, the executive said they submitted relevant documents. However, they could not comment further as the details are confidential. He said:

“I think we’re optimistic that we’ll have an opportunity to actually acquire entities registered in the Philippines and be able to work more closely with key local stakeholders to give people the digital asset and blockchain experience they deserve.”

According to Foong, compliance with regulations is the focus of cryptocurrency exchanges as it holds them accountable to their users. Additionally, having a direct relationship with regulators can be very helpful in clearing up misconceptions about the blockchain and crypto space.