A day before her term ends, Vice President Leni Robredo..
Think-tank Infrawatch PH has called on the Bangko Sentral ng Pilipinas to "suspend any and all operations" of crypto exchange Binance for operating as an unregistered Virtual Asset Services Provider (VASP).
Infrawatch PH also urged BSP to “reject any and all future applications of Binance and/or Binance affiliates to register with the BSP for compromising the financial system of the country.”
VASP, formerly known as Virtual Currency Exchanges (VCEs), is any entity that offers services or engages in activities that provide a facility for the transfer or exchange of virtual assets.
Virtual assets refer to any type of digital unit that can be digitally traded or transferred and can be used for payment or investment purposes. These are not issued nor guaranteed by any jurisdictions and do not have legal tender status, according to BSP.
Binance is an online exchange where users can trade cryptocurrencies. It provides a crypto wallet for traders to store their electronic funds. It was founded in 2017 and is registered in the Cayman Islands.