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Guavy AI Editorial Team••Sentiment: -3•Clout: 82

Binance Philippines Comeback Bid Hit with Regulatory Hurdle

BNBSAND

Binance's bid to re-enter the Philippine market through BlockShoals Technologies Inc. has hit a roadblock.

The Bangko Sentral ng Pilipinas (BSP), the country's central bank, stated that neither Binance nor BlockShoals holds the necessary Virtual Asset Service Provider (VASP) license to offer crypto payment and transaction services in the Philippines.

BlockShoals had entered the Securities and Exchange Commission's (SEC) StratBox sandbox in November 2023, but the BSP emphasized that participation in the sandbox does not substitute for the required license.