Binance can serve Philippine traders under SEC framework, BlockShoals says

Binance is back in the Philippines in a structure BlockShoals says sits under the Securities and Exchange Commission’s crypto asset service provider (CASP) framework. The catch for anyone moving money in high-risk markets: neither Binance nor BlockShoals is authorized to handle peso transfers or act as a virtual asset service provider (VASP) under the Bangko Sentral ng Pilipinas (BSP).

1. Marie Antonette Quiogue, head of legal at BlockShoals, told Cointelegraph on Friday at Philippine Blockchain Week 2026 that BlockShoals acts as a crypto asset intermediary, introducing Philippine users to Binance’s global trading platform.
2. According to Quiogue, Binance’s local operations fall under the SEC’s CASP framework, and BlockShoals participates in the SEC’s Strategic Sandbox, or StratBox. In her framing, trading is within SEC jurisdiction, while peso movement remains under the BSP.
3. The BSP told Cointelegraph that neither Binance nor BlockShoals is authorized to operate as a VASP. It also said that participation in a regulatory sandbox does not exempt an entity from complying with applicable laws, rules, and regulations, including licensing requirements, and added that it is coordinating with the SEC on the matter.
4. Quiogue did not dispute the BSP’s statement and acknowledged that neither Binance nor BlockShoals has applied for a local VASP license. She said the companies would need authorization from the relevant regulator if they introduce any product regulated by another government agency.
5. The arrangement is part of Binance’s effort to reestablish a presence in the Philippines after regulators moved to restrict access to the exchange over licensing concerns in 2024. Binance first came under scrutiny in November 2023, when the SEC warned that it was not authorized to sell or offer securities in the country because it had not obtained the required license and registration. In March 2024, the commission said it had asked the National Telecommunications Commission to block access to the Binance website and related webpages.

For PSPs and other payment providers watching the region, this is a useful reminder that “regulated access” and “money movement” are not the same thing. A structure that may support trading access under one regulator can still leave fiat rails, wallet flows, and VASP activity subject to a separate licensing regime.