BIZ BUZZ: Binance coming back to PH?
Back in August this year, the Securities and Exchange Commission (SEC) banned the operations of 10 global cryptocurrency exchanges that it determined to be operating without the required official licenses to do business in the Philippines.
Among these exchanges is Binance, one of the world’s largest crypto markets that trade more than 400 cryptocurrencies, including Bitcoin and Ether, which have won the hearts of many risk-taking investors from the Philippines.
But word has reached Biz Buzz that Binance will nevertheless make its presence felt in the country through a partnership with local companies.
Indeed, if it can’t do it on its own, then may as well do so through others since the Philippines remains a tantalizing market with its young population and growing middle class.
The SEC has, in fact, emphasized that cryptocurrency trading was not prohibited in the Philippines, but service providers must have prior registration with the corporate watchdog.
As to who Binance will partner with, there are a number of choices, especially with the SEC showing eagerness to allow more companies to try out their novel financial products and services in a controlled environment or through its regulatory sandbox.
The SEC’s strategic sandbox is a regulatory tool that allows participants to test their new product, service or business model in a controlled setting. This prevents “real-world” consequences, although their proposal must not be prohibited under Philippine law.
So far, there are four companies playing in the sandbox. Two are linked to the offering of US equities, one focuses on tokenized real estate and then the latest is homegrown Blockshoals Technologies Inc.
Will Binance tie up with any one of these? Abangan!
