BlockShoals: Binance can serve Philippine traders under SEC

BlockShoals says Binance can provide crypto trading access to users in the Philippines through the Securities and Exchange Commission’s crypto asset service provider (CASP) framework, while the Bangko Sentral ng Pilipinas (BSP) says neither firm is authorized to operate as a virtual asset service provider or to handle peso transfers.

Marie Antonette Quiogue, head of legal at BlockShoals, outlined the arrangement at Philippine Blockchain Week 2026. She described BlockShoals’ participation in the SEC’s Strategic Sandbox and said the company will act as a crypto asset intermediary that introduces local users to Binance’s global trading platform without moving pesos.

“Trading, the activity of trading, is clearly under the jurisdiction of the SEC,” Quiogue told attendees. She added that “Binance and BlockShoals… we are not moving pesos,” and that any product or service regulated by another government agency would require explicit authorization from that agency.

The Bangko Sentral ng Pilipinas said participation in a regulatory sandbox does not exempt entities from complying with applicable laws, rules and licensing requirements. The central bank said it is coordinating with the SEC and reiterated that activities involving local fiat transfers fall under its jurisdiction.

Quiogue confirmed that neither BlockShoals nor Binance has applied for a local virtual asset service provider license.

Binance’s return to the Philippines follows regulatory actions beginning in late 2023. The SEC warned in November 2023 that Binance was not authorized to sell or offer securities in the country without necessary registration. In March 2024 the SEC asked authorities to restrict access to the Binance website, and some internet providers subsequently limited access. At the time of the recent statements, Binance’s platform was accessible to users in the Philippines.

BlockShoals says its Strategic Sandbox participation allows testing and limited operations under SEC oversight while the firm works toward full compliance. Regulators maintain that sandbox participation does not remove any licensing obligations that apply to services regulated by other agencies.