Binance returned to the Philippine market under a legal arrangement that is generating tensions between two of the country’s regulatory bodies. The exchange operates through its agreement with BlockShoals Technologies, a firm acting as a crypto intermediary that introduces Filipino users to the Binance platform within the StratBox framework, the Securities and Exchange Commission (SEC) of the Philippines’ strategic sandbox for crypto asset service providers.
Marie Antonette Quiogue, legal director of BlockShoals, explained at Philippine Blockchain Week 2026 that trading activity falls under the SEC’s jurisdiction and that neither company moves Philippine pesos, which would exclude intervention from the central bank.
However, the Bangko Sentral ng Pilipinas (BSP) clarified that neither Binance nor BlockShoals are authorized as virtual asset service providers (VASPs) and that participation in a regulatory sandbox does not exempt them from compliance with applicable laws or from the licensing requirements imposed by relevant regulators. The BSP also indicated it is coordinating with the SEC on the matter.
Binance’s relationship with the Philippines deteriorated in late 2023, when the SEC warned that the platform was operating without the required registrations. In March 2024, the commission requested that access to the site be blocked. To date, the platform remains accessible from the country.
Source:Â https://www.pbw.ph/
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