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Philippine central bank says Binance, BlockShoals lack VASP licenses

Philippine central bank says Binance, BlockShoals lack VASP licenses

The Bangko Sentral ng Pilipinas said SEC sandbox participation does not replace separate central bank approval as it coordinates with the securities regulator on the partnership.

Fact Check
The originating source, BitPinas' exclusive report and corresponding X posts, directly states the BSP confirmed neither Binance nor BlockShoals holds a VASP Certificate of Authority and that SEC sandbox participation does not exempt entities from separate BSP licensing requirements. CoinDesk and crypto.news independently corroborate that BSP says Binance and BlockShoals lack the required VASP licenses and that SEC sandbox approval does not replace BSP authorization. BitPinas also notes coordination/clarification between the regulators, matching the claim's coordination element. All key elements of the claim are supported by multiple sources.
Summary

Binance and its local partner BlockShoals Technologies Inc. do not hold virtual asset service provider, or VASP, licenses from the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank said. The BSP added that participation in the SEC (Philippine securities regulator) regulatory sandbox does not remove the need for separate approval from the central bank, and it is coordinating with the SEC on the Binance-BlockShoals partnership. The clarification underscores how crypto oversight in the Philippines can involve multiple regulators, with sandbox admission not serving as a blanket authorization for activities that fall under another agency’s licensing regime.

Terms & Concepts
  • virtual asset service provider: Licensed firm handling certain crypto services
  • regulatory sandbox: Controlled program for testing financial products
  • BSP: Bangko Sentral ng Pilipinas, the Philippine central bank