Philippines' central bank says Binance and its local partner lack licenses to operate

Policy Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Philippines' central bank says Binance and its local partner lack licenses to operate Binance and its local partner do not hold the necessary license required to operate in the country, the Philippine central bank said, according to a local media report. By Omkar Godbole | Edited by Sheldon Reback Jun 11, 2026, 8:49 a.m. 2 min read Make preferred on The Philippines central bank complicates Binance's entry into the nation. (Road Ahead/Unsplash) What to know : Binance is seeking to reenter the Philippine market through local partner BlockShoals, but neither currently holds the central bank license required to operate as a virtual asset service provider, the country's central bank said. Bangko Sentral ng Pilipinas stressed that participation in the SEC’s StratBox sandbox does not replace the need for a separate VASP license, meaning firms must comply with both regulatory regimes. Binance is trying to enter the Philippines market through a local partner. Regulators are making clear it won't be simple. The country's central bank said neither the world's largest crypto exchange nor its local partner, BlockShoals Technologies Inc., holds the necessary license to operate as a virtual asset service provider (VASP) in the country, BitPinas media reported. The license, issued by Bangko Sentral ng Pilipinas, is essential to facilitate crypto payment and transaction rails and is separate from any approval granted by the country's Securities and Exchange Commission (SEC). CoinDesk reached out to Binance for a comment. Binance has previously been active in the country. But in 2023, the SEC noted it was operating without a license . It ordered internet service providers and app stores to block the exchange the following year. Last month, Binance said it is working with BlockShoals, a local fintech company that received initial SEC clearance in November under the regulator's sandbox framework. The sandbox, called StratBox (Strategic Sandbox), is a controlled, supervised environment for fintech and crypto firms to test financial services. According to BitPinas, the central bank has explicitly stated that participation in the sandbox doesn't substitute for central bank licensing, and entities seeking to operate in the country must comply with both frameworks independently. The report also says the SEC revised its language in the sandbox deal, describing Binance as a global crypto-asset service provider rather than a global VASP, a narrower designation. The revised terms also require BlockShoals to integrate its systems with a licensed domestic VASP within 90 days before any user onboarding through Binance infrastructure can begin. Binance is back at the door. Whether it gets in, and on whose terms, remains to be seen. Binance Regulation More For You Prediction markets get first U.S. rule proposal as CFTC pursues contract reviews By Jesse Hamilton | Edited by Nikhilesh De 18 hours ago The Commodity Futures Trading Commission opened a proposed rule for public comment that sets an approach to determine contracts in the "public interest." What to know : The U.S. Commodity Futures Trading Commission has issued its first notice of proposed rulemaking on prediction markets, suggesting a system by which it can review whether contracts are in the public interest. The CFTC is seeking to carve a clear regulatory position to back the ongoing growth of the industry,... Read full story Latest Crypto News Singapore bank DBS to offer tokenized gold to retail customers 38 minutes ago Live updates: Bitcoin's price bounces ahead of the SpaceX IPO 3 hours ago It's not just bitcoin ETFs. Corporate BTC buying has dried up too 3 hours ago XRP holds above $1.10 as ETF inflows rise, but traders remain cautious 4 hours ago Bitcoin has reached a deep bear-market valuation zone. The hard part may come next. 4 hours ago Privacy returns to focus as Ethereum developers explore new token standards 14 hours ago Top Stories BlackRock and Fidelity are quietly turning bitcoin ETFs into a two-firm market 14 hours ago Mastercard prepares for a future where AI agents make payments 16 hours ago Prediction markets get first U.S. rule proposal as CFTC pursues contract reviews 18 hours ago Michael Saylor gets into public debate over claims that Strategy's latest share sale was dilutive 18 hours ago A 'Bitcoin DeFi' project just shut down with a brutal post-mortem: Users just didn't care 20 hours ago Elon Musk's SpaceX IPO is four times oversubscribed. A crypto bet tells a more cautious story Jun 10, 2026