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The Bangko Sentral ng Pilipinas (BSP) has stated that neither Binance nor its local partner, BlockShoals Technologies, holds the required virtual asset service provider (VASP) license to operate crypto payment and transaction services in the Philippines. While BlockShoals received clearance to participate in the Securities and Exchange Commission’s (SEC) StratBox sandbox, the BSP clarified that this participation does not exempt the firms from separate central bank licensing requirements. Consequently, Binance remains unable to onboard users in the country until it complies with both SEC and BSP regulations, including a requirement for BlockShoals to integrate with a licensed domestic VASP.
Binance has faced significant regulatory challenges in the Philippines since 2023, when the SEC first warned that the platform was operating without proper registration. These actions led to the National Telecommunications Commission blocking access to the exchange's website and the removal of the Binance app from the Philippine Google Play Store. Current regulatory guidance emphasizes that sandbox testing is distinct from full market access, and any future return for Binance depends on establishing licensed local operations.
The BSP confirmed that neither Binance nor BlockShoals possesses the necessary VASP license to operate crypto services in the Philippines.
SEC sandbox approval does not replace the mandatory central bank licensing required for virtual asset service providers.
BlockShoals is required to integrate its systems with a licensed domestic VASP within 90 days to proceed with its regulatory path.
Binance remains blocked in the Philippines following previous SEC enforcement actions and NTC website restrictions.
User onboarding through Binance-linked infrastructure is prohibited until the firms meet all local regulatory licensing requirements.
No, Binance remains blocked in the Philippines, and the BSP has confirmed that neither it nor its partner holds the necessary licenses to operate.
No, the BSP clarified that participation in the SEC's StratBox sandbox does not exempt firms from the requirement to obtain a separate central bank VASP license.
BlockShoals must integrate its systems with a licensed domestic VASP within 90 days as part of the revised sandbox terms before any user onboarding can occur.
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