Local think tank Infrawatch PH has appealed to the Philippines’ Department of Trade and Industry (DTI) asking them to launch an investigation against world-renowned crypto exchange Binance for promoting ‘scam coins’ without permits!
Terry Ridon, the convenor of Infrawatch PH says that Binance is not following Philippine regulations by running advertisements that are targeting Filipino consumers without the projects being registered.
CEO of Binance ‘CZ’ says “In the Philippines, Binance is looking to secure the VASP and EMI licenses. We are continuously engaging in discussions with regulators and stakeholders within the country. Our goal is to contribute to the Philippines’ increasingly vibrant Web3 and blockchain ecosystem.”
He has also added that they are working closely with the team to make sure that they are in compliance with the laws of regulation in the Philippines. To add to that, the exchange introduced a mandatory Know Your Customer (KYC) for its users.
In June, Binance CEO Changpeng Zhao attended a press briefing in Manila where he expressed the exchange’s intent to secure critical licenses in the Philippines.