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Philippines' central bank says Binance and its local partner lack licenses to operate
Key takeaways
- Regulators are making clear it won't be simple.
- The license, issued by Bangko Sentral ng Pilipinas, is essential to facilitate crypto payment and transaction rails and is separate from any approval granted by the country's Securities and Exchange Commission (SEC).
- CoinDesk reached out to Binance for a comment.
Regulators are making clear it won't be simple.
The country's central bank said neither the world's largest crypto exchange nor its local partner, BlockShoals Technologies Inc., holds the necessary license to operate as a virtual asset service provider (VASP) in the country, BitPinas media reported.
The license, issued by Bangko Sentral ng Pilipinas, is essential to facilitate crypto payment and transaction rails and is separate from any approval granted by the country's Securities and Exchange Commission (SEC).
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