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Economics3h 48m ago

The Philippine central bank stated that neither Binance nor its local partner, BlockShoals Technologies Inc., holds the necessary license to operate as a virtual asset service provider (VASP) in the country.

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Philippines

Who
Binance, BlockShoals Technologies Inc., Bangko Sentral ng Pilipinas (central bank), BitPinas media
What
The Philippine central bank stated that neither Binance nor its local partner, BlockShoals Technologies Inc., holds the necessary license to operate as a virtual asset service provider (VASP) in the country.
When
Thu, 11 Jun 2026 08:49:47 GMT · 3h 48m ago
Where
Philippines ·
Why
Binance is trying to enter the Philippines market through a local partner, but regulators are making it clear it won't be simple due to licensing requirements.
The Frontline Impact

How this affects you

This announcement from the Philippine central bank creates a significant hurdle for Binance's operations in the country, potentially limiting crypto-related financial services for users there. It also highlights the complex regulatory landscape for global cryptocurrency exchanges seeking to expand into new markets.

Story chain

2 events in this thread
  1. Economics2h 39m ago
    The Philippines central bank stated that Binance and its local partner BlockShoals Technologies lack the required Virtual Asset Service Provider (VASP) licenses.
    Open article
  2. Currently Reading3h 48m ago
    The Philippine central bank stated that neither Binance nor its local partner, BlockShoals Technologies Inc., holds the necessary license to operate as a virtual asset service provider (VASP) in the country.

Verified Sources & Citations