BlockShoals outlines Binance's regulatory standing in Philippines

BlockShoals says its arrangement lets Binance offer crypto trading access to Philippine users, while neither firm is authorized to move pesos or carry out activities regulated by the central bank, Marie Antonette Quiogue, head of legal at BlockShoals, said. Quiogue said Binance’s local operations fall under the Securities and Exchange Commission’s crypto asset service provider framework, with BlockShoals acting as a crypto asset intermediary that introduces Philippine users to Binance’s global trading platform.

The setup is part of Binance’s effort to reestablish a presence in the Philippines after access was restricted over licensing concerns in 2024, and BlockShoals is participating in the SEC’s Strategic Sandbox (StratBox). The Bangko Sentral ng Pilipinas has stated that neither Binance nor BlockShoals is authorized to operate as a virtual asset service provider (VASP).

Philippines

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