BSP Blocks Binance's Philippine Plans Over Licensing Issues

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has dealt another blow to Binance's plans to operate in the country. On June 11, the BSP confirmed that neither Binance nor its local partner, BlockShoals Technologies Inc., holds a Certificate of Authority to operate as a Virtual Asset Service Provider.

The BSP requires two separate licenses for crypto exchanges: one from the Securities and Exchange Commission (SEC) through its Strategic Sandbox framework, known as StratBox, and another VASP license from the BSP itself. BlockShoals had secured sandbox approval from the SEC in November 2025 but still needs a VASP license to offer virtual asset services to Filipino users.

This is not Binance's first run-in with Philippine regulators. In March 2024, authorities blocked access to Binance's website due to the exchange's failure to register and obtain proper authorization. The BSP's insistence on VASP licensing sends a signal to every crypto platform eyeing the Philippine market: sandbox participation is not a substitute for central bank approval.