Buenaventura: Global Exchanges Should Be Allowed to Compete in Philippines

Luis Buenaventura, an experienced figure in the Philippines' crypto scene, has expressed his views on Binance's return to the country. He believes that if the regulatory framework allows Binance to operate, it should also permit all global centralized exchanges (Cexs) to enter the market.

Buenaventura pointed out that the regulatory campaign against Binance in 2022 and subsequent ban in 2024 was aimed at maintaining parity across the industry. He argued that enforcement must be uniform to avoid penalizing compliant entities while boosting unregulated competitors.

The head of Talino Fintech Foundry also noted that global exchanges have a significant scale advantage over local platforms, which is a key factor in their success. This is why prominent domestic companies and figures are partnering with international entities like Binance, as seen in the recent appointment of former PLDT CEO Alfredo 'Al' Panlilio as chairman of BlockShoals Technologies Inc.

Buenaventura warned that if Binance establishes an exclusive arrangement with a licensed domestic VASP (Virtual Asset Service Provider), it could create a regulatory choke point and harm local market competition. To avoid this, he recommends granting market entry to all global exchanges, allowing the domestic consumer base to decide.