Exchanges in turmoil – It is not easy to sail the ocean cryptocurrencies ! When market it is growing and the bulls are pushing, the money is flowing. But as soon as the wind dies down and the bears come out of the forest, it is necessary to reject and answer the sometimes awkward questions of the authorities and journalists. This is how Coinbase, Binance and other Crypto.coms live. Raise the mainsail, we’re going straight Manila. An archipelago of more than 7,000 islands to receive news from travelers around the world Changpeng Zhao (CZ).
Binance seeks to acquire licenses in the Philippines
If you are a regular newspaper reader, you know this CZ travels the planet to preach the good word cryptocurrencies. Europe, America, Africa or Asia, he travels to all latitudes to talk, negotiate and invest. His leitmotif is respect for regulation local. It often involves getting legal licenses in the countries where its Binance platform is established.
His last stop is in Philippines. His counterpart of the day is the Banko Sentral ng Pilipinas – the country’s central bank. Problems with negotiations? Getting two licenses operational:
- virtual asset service provider license (VASP) which legally allows a exchange offer the sale and exchange of cryptocurrencies, as well as the conversion of digital currency into the Philippine peso – and vice versa.
- license to issue electronic money (NDE) which enables its holder to issue, collect and manage currencies – electronic or not. It is a license that refers to fairly “classic” financial services.
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Captain CZ stays on course in the tumult
During a press conference organized for the occasion in Manila, CZ declared his love for this country “very important to him” and show their ambitions. Verbatim.
“Binance’s decision to expand its operations in the country is the result of local developments in terms of payment services and the fact that the country understands cryptocurrency issues better than others. »
“We also want to invest in traditional financial services such as payment systems or banks. And above all, we want to help these companies integrate the blockchain world. »
“Our services will work closely with government services to help develop regulations, but also provide expertise in the field. »
Some mischievous journalists also asked him for a reaction after the Reuters agency published the indictment. In this regard, he said that the media ” was only reporting on rumors and that he did not provide any evidence to support their statements He also invited the public “don’t believe the rumours” and assured the audience that the company was not “is not involved in illegal activities “. Next question ?
While Binance continues his journey around the world trying to forget his problems, Coinbase is trying for its part to round the corners of its complicated personnel management. After announcements of hiring postponements, and finally layoffs, the staff of the American company are trying to de-mine the topic with more or less success. the Web3 it is not a long calm river. Season of storms he doesn’t seem to want to finish right away. But as they say, a calm sea never did any good sea“. Who it was, we will see in a while.
Binance has now reached enough critical mass that it can strike back blow after blow in this kind of skirmish over funds to win bitcoin internationally. To register on the stock exchange and create your own opinion, it’s this way (affiliate link).