The cryptocurrency exchange platform announced its plan to secure regulatory licenses to fully operate in the country.
Binance announced that the firm is on the late stage of its plan to purchase a local company to acquire regulatory licenses in the country.
Bankero Kenneth Stern of Binance general manager for the Philippines, said they were at the late stage talks to buy a local company operating as a virtual asset services provider (VASP) and electronic money issuers.
The move is in lie with the regulatory requirement of the Bangko Sentral to secure a VASP license, imposed on all institutions involved on digital asset related operations in the country.
It may be recalled that BSP said it will not be accepting new VASP applications for a period of three years starting September.