Binance can serve Philippine traders under SEC framework, BlockShoals says
Binance can offer crypto trading access to users in the Philippines through a partnership with BlockShoals Technologies, but neither entity is authorized to handle peso transfers or other activities regulated by the Bangko Sentral ng Pilipinas (BSP). BlockShoals says the setup falls under the Securities and Exchange Commission’s crypto asset service provider framework, with BlockShoals acting as an intermediary that connects Philippine users to Binance’s global trading platform. The BSP said sandbox participation does not waive licensing requirements and confirmed that Binance and BlockShoals are not authorized virtual asset service providers. BlockShoals acknowledged it has not applied for a local VASP license, but argued that trading itself is under SEC jurisdiction, not the BSP’s, since no pesos are being moved. The arrangement is part of Binance’s effort to regain a presence in the Philippines after regulators restricted access in 2024 over licensing concerns. Binance is currently accessible in the country.
