Binance CEO Changpeng Zhao said the exchange is trying to get a virtual asset service provider (VASP) license in the Philippines.
This license will allow the platform to legally exchange digital assets and convert cryptocurrencies into Philippine pesos.
He also noted that the company is working on obtaining an e-money issuer license from the country’s central bank.
In addition, the exchange is considering investing in Philippine banks.
“We are interested in investing in traditional financial service centers, including payment service providers, banks. We want to help bring these businesses into the blockchain world,” he said.
Zhao stressed that the exchange’s decision to expand its presence in the country was due to local developments in payment services and an advanced “understanding of cryptocurrency.”