BSP says Binance and partner lack required crypto license

Binance's planned return to the Philippine market has encountered a significant new regulatory obstacle after the country's central bank stated that neither the global exchange nor its local partner holds the required operating license. The Bangko Sentral ng Pilipinas clarified that Binance and BlockShoals Technologies lack a Certificate of Authority to act as virtual asset service providers, a license necessary to legally provide crypto payment and transaction services in the country.

The central bank's statement, issued on Thursday, June 11, 2026, complicates a reentry strategy that had been progressing through a regulatory sandbox program. BlockShoals had previously secured initial clearance from the Philippine Securities and Exchange Commission in November 2025 to test a crypto intermediary model under the SEC's StratBox sandbox framework. However, the BSP emphasized that participation in the SEC's sandbox does not replace the separate licensing requirements mandated by the central bank for entities handling virtual asset services.

Under revised terms for the sandbox arrangement, BlockShoals is now required to integrate its systems with a licensed domestic VASP within 90...