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Manila Bulletin devider Business devider The Stock Market devider SEC puts brakes on Binance's new Philippine crypto partner

SEC puts brakes on Binance's new Philippine crypto partner

Published Jun 11, 2026 03:39 pm
The Securities and Exchange Commission (SEC) clarified that BlockShoals Technologies Inc. is not yet allowed to commercially operate and offer cryptocurrency products and services to the public, as it is still undergoing a 90-day testing period.
The participation of BlockShoals in the SEC Strategic Sandbox (StratBox) allows the company to test trading activities and other advanced crypto-asset products within a controlled regulatory environment.
Under its approved testing plan, the company is required to integrate its systems with a virtual asset service provider (VASP) licensed by the Bangko Sentral ng Pilipinas.
“The indicated 90-day period is intended solely for the establishment and integration of the technical infrastructure and systems between BlockShoals and its local VASP partner,” the SEC said.
In particular, the process will focus on developing secure fiat rails that enable the seamless on-ramping and off-ramping of Philippine pesos, allowing users to convert fiat currency into cryptocurrency and vice versa.
“Any system access or operational connectivity provided during this period is limited strictly to activities necessary for technical integration and sandbox testing. This should not be construed as the commencement of public onboarding, public trading operations, or broader market reopening,” the SEC stressed.
The Commission also emphasized that any future public participation or onboarding activities remain subject to applicable regulatory requirements and further SEC approval. It likewise advised the public to rely only on official SEC announcements regarding developments involving BlockShoals and its StratBox participation.
BlockShoals previously announced that it has partnered with Binance for the start of its regulated testing within the StratBox. Under the partnership, BlockShoals maintains full responsibility for local regulatory compliance and user-facing operations, while Binance provides the backend technology infrastructure and strategic support.
BlockShoals received in-principle approval from the Commission En Banc on November 21, 2025, and a Notice to Proceed dated April 14, 2026, authorizing it to operate as a Crypto Asset Intermediary (CAI) under SEC Memorandum Circular No. 9, Series of 2024.
“This partnership is an opportunity to demonstrate that global digital asset platforms and local regulatory frameworks can work together constructively,” BlockShoals said. It added, “As a Philippine-incorporated company operating under the direct supervision of the SEC, we are focused on building a secure and locally accountable platform for Filipino users.”
Throughout the testing period, BlockShoals will operate under strict regulatory oversight with legal and strategic guidance from Arden Consult to ensure full compliance with the SEC StratBox framework and applicable laws. Arden Consult is a legal and advisory firm specializing in market entry for highly regulated industries such as fintech, iGaming, and technology, media, and telecommunications.
Meanwhile, Binance noted the market's potential, stating, “The Philippines is one of the most dynamic digital economies in Southeast Asia, with a highly engaged and digitally native population that continues to drive adoption of emerging financial technologies.”
“We believe frameworks like StratBox represent an important step in enabling responsible innovation by creating pathways for industry participants and regulators to work together constructively,” it added. (James A. Loyola)

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Securities and Exchange Commission Binance Blackshoals Technologies Inc.
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