Infrawatch PH asks the BSP to suspend the Binance cryptocurrency exchange platform

Infrawatch PH, a public policy think tank, has publicly requested that the Bangko Sentral ng Pilipinas (BSP) “suspend and ban” Binance, one of the most prominent cryptocurrency exchange platforms.

Binance’s lack of a Virtual Asset Services Provider (VASP) license during its operation is cited by Infrawatch PH.

Binance does not have a Virtual Asset Service Provider (VASP) license, according to the BSP website. VASP is supplied to businesses and entities who want to start transferring and exchanging virtual assets.

However, Binance stated in June that they are looking for partnerships with Philippine payment service providers and banks, as well as VASP.

Infrawatch PH requests the central bank’s “rapid attention to this very pressing concern for your proper action, in accordance with existing rules and regulations in the Philippines” in its letter.

Infrawatch requests that the BSP investigate Binance’s operations in the Philippines, halt the exchange after hearing and notice, and “deny any future application of Binance as VASP after it runs without one.” The entire letter is available above.

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