Binance has returned to the Philippines under a legal arrangement that is causing friction between two of the country’s financial regulators. The exchange is operating through an agreement with BlockShoals Technologies, a firm that acts as a crypto intermediary within the StratBox framework – the Securities and Exchange Commission (SEC) of the Philippines’ strategic sandbox for crypto asset service providers. Marie Antonette Quiogue, legal director of BlockShoals, stated at Philippine Blockchain Week 2026 that trading activity falls under the SEC’s jurisdiction and that neither company moves Philippine pesos, which would exclude central bank intervention.
However, the Bangko Sentral ng Pilipinas (BSP) quickly clarified that neither Binance nor BlockShoals are authorized as virtual asset service providers (VASPs) and that participation in a regulatory sandbox does not exempt them from compliance with applicable laws or licensing requirements. The BSP also indicated it is coordinating with the SEC on the matter. Binance’s relationship with the Philippines soured in late 2023 when the SEC warned it was operating without registrations, and in March 2024 the commission requested a site block – yet the platform remains accessible.
Separately, SEC Commissioner Rogelio Quevedo reinforced the regulator’s support for real-world asset tokenization, stating that existing laws can accommodate tokenized products. Four companies are currently testing in StratBox, including a tokenized real estate offering and two others providing access to US equities. The SEC also granted BlockShoals in-principle approval to test crypto-related services. Meanwhile, the BSP has introduced stricter due diligence for VASPs listing cryptocurrencies, requiring evaluation of issuer background, market maturity, security, and legal compliance.
