Binance Operating in Philippines Through Sandbox, BSP Says It Lacks Formal License
Summary
- Binance, the world’s largest cryptocurrency exchange, is providing trading services to users in the Philippines through the Philippine SEC’s regulatory sandbox program, according to a report.
- BlockScholes said its participation in the SEC’s strategic sandbox allows users in the Philippines to access Binance’s trading platform.
- The Bangko Sentral ng Pilipinas, or BSP, said neither Binance nor BlockScholes has obtained a VASP license and that participation in a regulatory sandbox does not exempt firms from complying with relevant laws or licensing requirements.
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Binance, the world’s largest cryptocurrency exchange, is providing trading services to users in the Philippines through the Philippine Securities and Exchange Commission’s regulatory sandbox program after facing sanctions there in 2024, Cointelegraph reported on June 19.
Marie Antoinette Quiogue, chief legal officer at BlockScholes Technology, said at Philippine Blockchain Week 2026 that Binance’s local operations are being conducted under the SEC’s framework for crypto-asset service providers, or CASPs. BlockScholes is participating in the SEC’s strategic sandbox, which allows users in the Philippines to access Binance’s trading platform, according to the report.
Philippine regulators blocked access to Binance in 2024, citing investor protection.
The Bangko Sentral ng Pilipinas, or BSP, said neither Binance nor BlockScholes holds a virtual asset service provider, or VASP, license in the Philippines. It added that participation in a regulatory sandbox does not exempt firms from complying with relevant laws or licensing requirements and that it is discussing the matter with the SEC.
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