Current Hea of crypto trading platform Binance Changpeng “CZ” Zhao reportedly disclosed details regarding the intention of obtaining two vital licenses to set up the firm’s operation in the Philippines.

Specifically, via a press briefing in Manila, the Head of Binance reportedly disclosed the exchange’s plan to secure the virtual assets service provider (VASP) license, which offers necessary legalization for the platform’s facilitation of crypto assets, as well as the conversion of crypto to the Philippine peso.

Besides the VASP, Zhao further claimed that the trading platform is spending extensive efforts in obtaining an e-money issuer license from Banko Sentral ng Pilipinas, the nation’s central bank, which will make it possible for Binance to issue electronic money.

The Binance CEO reportedly discussed plans to widen the scope of the company’s operations across the nation. Per Zhao, Binance is taking into consideration the decision to forge alliances and make investments in banks that function in the Philippines.

“We are interested in investing in traditional financial service centers including payment service providers, banks […] we want to help bring those businesses into the blockchain world.”

Zhao further emphasized that the underlying driving factors that fueled the exchange’s initiative to widen the scope of its footprint throughout the Philippines are local developments in terms of payment services, together with the nation’s enhanced “understanding of crypto.”

Zhao additionally expressed his frustrations with Reuters’ recent report on the exchange, claiming that the media outlet “just reported rumors and they didn’t provide any supporting evidence.” 

He also urged the audience to pay no mind to the rumors, as well as issued assurances that the company has no association with illicit activities.