Philippines' central bank complicates Binance's return to the country
Binance is trying to re-enter the Philippines through local fintech partner BlockShoals Technologies, but regulators say it still lacks the required approvals. Bangko Sentral ng Pilipinas said neither Binance nor BlockShoals has a virtual asset service provider (VASP) license, which is separate from SEC approval and is required to run crypto payment and transaction services. The SEC had already flagged Binance in 2023 for operating without a license and later ordered internet providers and app stores to block it. Although BlockShoals received initial SEC clearance under the StratBox sandbox, the central bank says sandbox participation does not replace VASP licensing. The SEC also narrowed Binance’s designation and requires BlockShoals to connect with a licensed domestic VASP before any onboarding can start.
