Binance Regains Footing in the Philippines with SEC-Regulated Partnership

Binance has made a major comeback in the Philippines with its partnership with BlockShoals Technologies. The local fintech firm has received in-principle approval from the Securities and Exchange Commission (SEC) to operate as Binance's official service provider in the country.

The SEC's regulatory sandbox, StratBox, allows companies like BlockShoals to test their products and services within a controlled environment before seeking full licensure. After a rigorous application process that lasted over two years, BlockShoals secured its place as a registered Crypto Asset Intermediary under the SEC's Crypto Asset Service Provider rules.

BlockShoals' leadership, led by Anthony Te, brings extensive experience in banking, commodities, and capital markets. This expertise was a key factor in Binance's decision to partner with BlockShoals, which aims to bring its global services under local oversight.