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

PolicyShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailPhilippines' central bank says Binance and its local partner lack licenses to operateBinance 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 readMake preferred on 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 …

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

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