Binance “Open To Discussions” After Group Calls For Platform To Be Banned In PH

Binance: “We are open to any discussion.”

BINANCE — The world’s largest crypto exchange said on Thursday that the company is “open to discussions” after a group called for the platform to be banned in the Philippines.


To recall, Infrawatch PH called on the Bangko Sentral ng Pilipinas (BSP) to ban Binance, citing the volatility of crypto and the platform’s lack of VASP (Virtual Asset Service Provider) license.

Infrawatch PH convenor Terry Ridon said that the continued disregard of the licensing rules and regulations by the company spoils the central bank’s mandate “to provide an environment that encourages financial innovation while safeguarding the integrity and stability of the financial system” and undermines the Philippine government’s risk-based approach to virtual asset transactions and virtual asset service providers.

According to Ridon, following the crash in the crypto market, the Philippine government should ensure that only registered companies are allowed to receive money from the public, and that those companies have a track record of financial regulation compliance and customer protection.

Infrawatch PH

Finance Secretary Carlos Dominguez III previously reminded Filipinos that Binance has no records with the Securities and Exchange Commission (SEC).

READ ALSO: Dominguez Says Binance Has No Records With SEC

Meanwhile, the company said that it has not received a copy of the complaint but the company is “open to any discussion”.

In a statement, Binance said that the company is continuously engaging with stakeholders globally in order to further contribute to the “web3” and blockchain ecosystem.

We are working and would like to work with various organizations, companies, and community movers to know how to make the best approach, introduce, and create opportunities around web3 technology in the Philippines,” the company said.

Thank you for visiting You may express your reactions or thoughts in the comments section. Also, you may follow us on Facebook as well.

Leave a Comment