A letter has been sent by Infrawatch PH – a native think tank within the Philippines – to the country’s Department of Trade and Industry (DTI), persuading the government organization to initiate an inquiry on Binance (counted among the top crypto exchanges across the globe) for having no permits to release its promotions.
The local think tank says Binance allured consumers
In the respective letter, the crypto exchange is accused of having been alluring the consumers belonging to the Philippines with the unregistered promotions thereof being shown on the social media forums.
The Infrawatch PH’s Convenor, Terry Ridon, stated that they have nothing to do with regulations within the Philippines because the exchange plays the role of a virtual asset service provider (VASP).
Binance spokesperson says the exchange is cooperating with industry leaders
While responding to the letter, a spokesperson from Binance mentioned that the matter of compliance is always given radical significance on the behalf of Binance and the exchange is working while cooperating with the industry leaders, law enforcement organizations, as well as regulators, to improve its sustainability, as well as security within the market. As Binance put it, the exchange is pursuing to acquire EMI and VASP licenses.
They are having continuous engagement with stakeholders and regulatory authorities within the country in this respect. Their objective is to take part in the enthusiastic blockchain as well as web3 ecosystem spread across the Philippines. Apart from this, the spokesperson pointed out that the implementation of the applicable regulations and laws is being thoroughly complied with by the exchange. Moreover, the know-your-customer (KYC) requirements have been made compulsory by the exchange for the users thereof.
In addition to this, the spokesperson brought to the front that the investment has been made by them in their endeavors related to compliance constantly. Formerly in June, Changpeng Zhao – the CEO of Binance – appeared in a press briefing that took place in Manila, expressing the intention of the platform to obtain important licenses to operate within the jurisdiction of the Philippines.
This takes into account the VASP license, permitting the company to provide legal assistance to the exchanges of cryptocurrency as well as to have the e-money issuer (EMI) license, letting Binance offer digital money. In recent months, the think tank “Infrawatch PH” approached the central bank of the country and persuaded the institutions to take actions confronting Binance, asserting that it poses threats to the common masses while referring to the crypto crash.