Binance’s bid to re-enter the Philippines through BlockShoals Technologies Inc., faces a regulatory hurdle.

The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, said neither company holds the virtual asset service provider (VASP) license needed to offer crypto payment and transaction services in the Philippines.

BlockShoals entered the Securities and Exchange Commission’s (SEC) StratBox sandbox in November.

However the BSP said sandbox participation does not replace BSP licensing.

Binance said last month that it was working with BlockShoals. The SEC had already said in 2023 that the exchange lacked a local license. In 2024, regulators ordered internet service providers and app stores in the Philippines to block Binance in 2024.

🔗 Source: CoinDesk

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