Home » Binance Assures the Philippine Senate Banking Committee of its Security

Binance Assures the Philippine Senate Banking Committee of its Security

by Natalie Christie
Binance Assures the Philippine Senate Banking Committee of its Security

The local news said on Wednesday that Binance sent representatives to talk to the Philippine Senate Banking Committee. FinTech Alliance Philippines and Cagayan Economic Zone Authority representatives also spoke at the hearing, as did Deputy Governor Chuchi Fonacier of the Bangko Sentral ng Pilipinas and Chair of the Security Exchange Commission of the Philippines Emilio Aquino.

According to the summary, the hearing focused on the relationship between fintech development and consumer safety. Regulation “sandboxes” were the topic of conversation between Fonacier and Aquino, who spoke about protecting digital assets. Binance sent APAC director Leon Foong and Philippines general manager Kenneth Stern to testify on the company’s behalf, where they discussed the exchange’s security measures and the Know Your Customer (KYC) procedure.

Binance also announced this month that it will be funding a training program for new cryptocurrency traders in the Philippines, and that it is in negotiations with local colleges about giving courses and certification in blockchain technology.

Despite its fast-expanding economy and the widespread use of cryptocurrencies there, the Philippines’ relationship with crypto in general and Binance, in particular, has been fraught.

Binance has been trying to set up shop there for a while, but they ran into some resistance from a think tank that was ultimately disregarded by the government.

But on August 2, the Philippine SEC issued a letter warning the public not to invest with Binance. Starting on September 1st, the country’s central bank will not accept applications from virtual asset service providers for three years due to “risks that may undermine financial stability.” Changpeng Zhao, CEO of Binance, announced in June that the company would seek VASP licensing in the country.

The Bank of the Philippines has said that it is thinking about making a central bank digital currency that can be used in big business deals.

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