Binance fails to secure required Philippines VASP authorization

Binance’s attempt to re-enter the Philippines has stalled at a key regulatory hurdle. On June 11, the Bangko Sentral ng Pilipinas confirmed that neither Binance nor its local partner, BlockShoals Technologies, currently holds the required Certificate of Authority to operate as a Virtual Asset Service Provider. That central bank authorization is tied to crypto payment and transaction activity in the country.

BlockShoals has approval to participate in the Securities and Exchange Commission’s StratBox sandbox, but the BSP said that status does not replace the need for a separate VASP authorization. In practice, sandbox participation may allow testing of a proposed model, but it does not open the door to full market access. Any onboarding plan linked to Binance would still require compliance with the BSP’s licensing framework, and under the current structure a licensed domestic VASP must be involved before users can be onboarded. For now, Binance’s path back into the Philippine market remains conditional on clearing that licensing requirement.