Binance has secured permission to offer crypto trading services to Philippine users through a partnership with BlockShoals Technologies, while both firms remain barred from processing peso transfers or any activity governed by the Bangko Sentral ng Pilipinas (BSP).
Regulatory Structure
Legal adviser Marie Antonette Quiogue, who leads BlockShoals’ legal team, clarified that Binance’s operations in the Philippines are classified under the Securities and Exchange Commission’s (SEC) crypto asset service provider (CASP) framework. She explained that BlockShoals functions as a crypto asset intermediary, channeling local investors to Binance’s global trading platform.
Sandbox Participation and Compliance
BlockShoals participates in the SEC’s Strategic Sandbox, known as StratBox, which allows experimental services under close regulatory supervision. The BSP reiterated that neither Binance nor BlockShoals holds a virtual asset service provider (VASP) license, emphasizing that sandbox involvement does not waive existing licensing obligations.
Implications for Crypto Investors
By re‑entering the Philippine market, Binance aims to attract investors who were previously limited by the 2024 regulatory crackdown. Ongoing coordination between the SEC and BSP suggests that future licensing decisions will shape how crypto services expand for local market participants.