Binance Reestablishes Presence in Philippines Through BlockShoals Arrangement

Binance's return to the Philippines has been clarified by BlockShoals' lawyer, Marie Antonette Quiogue. According to Quiogue, Binance is allowed to provide crypto trading access to users in the country through its arrangement with BlockShoals Technologies, but neither company is authorized to handle peso transfers or perform other activities regulated by the Bangko Sentral ng Pilipinas (BSP).

The regulatory structure requires BlockShoals and Binance to obtain authorization from the relevant regulator whenever they introduce services outside the SEC's remit. Quiogue argued that trading, which is under the jurisdiction of the Securities and Exchange Commission (SEC), does not require a virtual asset service provider (VASP) license.

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.