Philippines' central bank says Binance and partner lack VASP license

The central bank said neither Binance nor its local partner, BlockShoals Technologies Inc., holds the license required to operate as a virtual asset service provider (VASP) in the Philippines. The VASP licence, issued by Bangko Sentral ng Pilipinas, is needed to facilitate crypto payments and transactions and is distinct from any approval granted by the Securities and Exchange Commission.

Binance has previously been active in the country. In 2023 the SEC said it was operating without a licence and ordered internet service providers and app stores to block the exchange the following year. Last month Binance said it is working with BlockShoals, which received initial SEC clearance in November under the regulator's StratBox (Strategic Sandbox).

The central bank made clear that participation in the sandbox does not substitute for central bank licensing; entities must comply with both frameworks independently.

Philippines

binance, blockshoals, vasp license, bangko sentral, philippines, virtual assets, sec, stratbox, strategic sandbox, crypto payments