Binance Returns to Philippine Crypto Market Through SEC Sandbox Framework

Binance is rebuilding its presence in the Philippines through a partnership with BlockShoals Technologies under the country’s Securities and Exchange Commission (SEC) regulatory sandbox program. The move comes after Philippine regulators restricted access to the exchange in 2024 over licensing concerns.

BlockShoals said the arrangement allows Philippine users to access Binance’s global crypto trading platform through an SEC-regulated structure. According to the company’s legal adviser Marie Antonette Quiogue, the setup falls under the SEC’s Crypto Asset Service Provider framework, which covers trading-related activities.

BSP Raises Concerns Over VASP Licensing

The Bangko Sentral ng Pilipinas (BSP) stated that neither Binance nor BlockShoals currently holds a local Virtual Asset Service Provider license. However, Quiogue argued that the companies are not handling peso deposits or money transfers, activities that fall under the central bank’s authority.

She added that any future services involving payments or fiat transfers would require separate approval from the BSP or other regulators.

Philippine Crypto Regulation Debate Continues

The situation highlights ongoing regulatory differences between Philippine financial agencies as the country develops its digital asset rules. Binance was previously flagged by the SEC in late 2023 for operating without authorization before local internet providers restricted access to the platform in 2024.