While many crypto exchanges and companies are bearing the brunt of the market slump, Binance is pursuing a extension mission. However, the largest crypto exchange in the world is being questioned by officials in the Philippines.
the local news channel, Bitpinas has received a letter sent to the Ministry of Trade and Industry (DTI) highlighting this disclosure. The local think tank Infrawatch PH sent the letter to the department. The agency has drawn the attention of the DTI to Binance’s local promotional offers.
According to the letter, the exchange would not have the necessary permits. Terry Ridon, the think tank’s organizer, claimed the promotions are haphazardly posted on websites, Facebook and other local communities.
Ridon says the exchange is ignoring Philippine regulations. In addition, he says the exchange provides virtual assets without a license.
A Binance spokesperson told: coin telegraph†
“In the Philippines, Binance wants to secure the VASP and EMI licenses. We are in continuous dialogue with regulators and stakeholders in the country. Our goal is to contribute to the increasingly vibrant Web3 and blockchain ecosystem of the Philippines.”
In addition, the spokesperson emphasized that the exchange strictly adheres to all applicable rules and regulations. Furthermore, the exchange has implemented mandatory Know-Your-Customer (KYC) protocols.
In addition, Binance CEO Changpeng Zhao, or CZ, spoke to Philippine media last month, expressing the exchange’s intent to obtain said licenses in the country. One is the Virtual Asset Service Provider (VASP) license, which allows the exchange to perform digital asset services in the country.
Is crypto winter a time for growth for Binance?
CEO CZ had said via Twitter that saying no to SuperBowl ads, naming rights and major sponsorship deals was a challenge. However, the strategy of the stock market seems to have changed.
The exchange recently teamed up with two of the most followed personalities on Instagram and Tiktok. At the end of June, the exchange joined with Cristiano Ronaldo, which has the highest number of followers on Instagram. The two will team up and drop exclusive NFT collections.
Shortly afterwards, Binance announced its collaboration with Khaby Lamewho has the highest number of followers on Tiktok.
Finally, the exchange has hired Jasmine Lee as the new CFO for BinanceU.S. Lee was CFO and Chief Operating Officer at Acorns in the past, and she was also an executive at Paypal.
Be that as it may, Binance seems to be keeping warm this crypto winter. Even when other companies let employees go, Binance said it was hiring.