Binance chief eyes ‘localized services’ in PH game plan

Global cryptocurrency exchange Binance aims to further cement this year its presence in the Philippines, which it described as a crucial market in Southeast Asia and across the globe, by offering services more suited for local users.

Changpeng “CZ” Zhao, at a press briefing in Taguig City on Wednesday, said Binance was looking at offering “localized services” by becoming a virtual asset services provider (VASP) or electronic money issuer (EMI), the licenses for which should first be secured from the Bangko Sentral ng Pilipinas.

VASP is an entity that facilitates the transfer or exchange of virtual assets, which are digital units that can be traded online and/or used for payment or investment purposes. EMI, meanwhile, refers to online platforms that store monetary value usually used for making payments.

Zhao noted a “fair number of active users” of Binance in the country, adding that play-to-earn games such as Axie Infinity have encouraged more Filipinos to enter the crypto scene. While the impact of the Ukraine crisis has affected engagement in recent months, he said they “still see everything relatively active, less active than six months ago, but still much more active than a year ago.”

Zhao added Binance was also interested in investing in traditional financial institutions, such as payment service providers and banks, to further establish its local footprint.

“We want to help bring those businesses into the blockchain world. If we can help a bank to offer crypto services … in a licensed and regulated way, that makes our market bigger,” he said.

Along with this expansion, Zhao said Binance was also seeking to hire more employees for both technology and customer support.