Binance Gains Access to Philippine Traders Amid Regulatory Scrutiny
- Binance can provide crypto trading access in the Philippines through BlockShoals Technologies, but cannot handle peso transfers.
- The arrangement is part of Binance’s efforts to reestablish its presence after access restrictions were imposed in March.
- BlockShoals operates under the SEC’s crypto asset service provider (CASP) framework, participating in the Strategic Sandbox.
- The Bangko Sentral ng Pilipinas (BSP) confirmed that neither company is authorized as a virtual asset service provider (VASP).
- Neither Binance nor BlockShoals has applied for a local VASP license, according to legal adviser Marie Antonette Quiogue.
This development highlights ongoing regulatory challenges for cryptocurrency exchanges in the Philippines, as compliance with local laws remains critical. The BSP has emphasized that participation in a regulatory sandbox does not exempt companies from licensing requirements.
As of now, Binance’s platform is accessible to users in the Philippines despite previous restrictions imposed by regulators in March.(Source)
