Binance Allowed Crypto Trading Access in Philippines via BlockShoals, but Peso Transfers Restricted
L'essentiel
- Binance can offer crypto trading in the Philippines via BlockShoals, but neither is authorized for peso transfers or other central bank-regulated activities.
- BlockShoals acts as an intermediary under the SEC's CASP framework, while the BSP clarifies that VASP licenses are still required for regulated activities.
Résumé généré par IA
Pourquoi c'est important
Binance faced Philippine regulatory scrutiny in late 2023 and was subsequently blocked in March 2024. This new arrangement with BlockShoals aims to reestablish its presence under a different regulatory framework.
Binance is allowed to provide crypto trading access to users in the Philippines through its arrangement with BlockShoals Technologies, but neither company is authorized to handle peso transfers or perform other activities regulated by the country's central bank, according to legal adviser Marie Antonette Quiogue.
Quiogue, head of legal at BlockShoals, told Cointelegraph in an interview on Friday at Philippine Blockchain Week 2026 that Binance’s local operations fall under the Securities and Exchange Commission’s (SEC) crypto asset service provider (CASP) framework. She said BlockShoals serves as a crypto asset intermediary, introducing Philippine users to Binance’s global trading platform.
The arrangement forms part of Binance's effort to reestablish a presence in the Philippines after regulators moved to restrict access to the exchange over licensing concerns in 2024. Under the structure presented by BlockShoals, the company participates in the SEC's Strategic Sandbox, or StratBox.
The Bangko Sentral ng Pilipinas (BSP), the nation's central bank, told Cointelegraph that neither Binance nor BlockShoals is authorized to operate as a virtual asset service provider (VASP).
“Participation in the regulatory sandbox does not exempt an entity from complying with applicable laws, rules, and regulations, including any licensing requirements imposed by relevant regulators,” the BSP said, adding that it was coordinating with the SEC on the matter.
Cointelegraph's Ezra Reguerra (left) with BlockShoals head of legal Marie Antonette Quiogue (right). Photo: Cointelegraph
BlockShoals argues SEC framework permits trading access
Quiogue did not dispute the BSP’s statement and acknowledged that neither Binance nor BlockShoals had applied for a local VASP license. The legal adviser argued that the absence of a VASP license does not prevent the companies from providing services under SEC jurisdiction.
“Trading, the activity of trading, is clearly under the jurisdiction of the SEC,” Quiogue said. “Binance and BlockShoals, we are not moving pesos, which is clearly under the jurisdiction of the BSP.”
Related: Meta rolls out stablecoin payouts for creators in Philippines, Colombia
She said the regulatory structure requires BlockShoals and Binance to obtain authorization from the relevant regulator whenever they introduce services outside the SEC’s remit.
"If BlockShoals and Binance will be offering any product that is regulated by any other government agency, you have to get an authority from them,” she said.
Binance returns after Philippine access restrictions
Binance first drew regulatory scrutiny in the Philippines in November 2023, when the SEC warned the public that the platform was not authorized to sell or offer securities in the country because it had not obtained the necessary license and registration.
In March 2024, the commission said it had asked the National Telecommunications Commission to block access to the Binance website and related webpages. Local internet providers subsequently began restricting access to the platform following the order.
At the time of publication, Binance’s platform was accessible to users in the Philippines.
Questions ouvertes
- Will BSP's coordination with SEC lead to further restrictions?
- Will Binance/BlockShoals seek VASP licenses?
- What is the long-term impact on Binance's Philippine operations?
