Binance Nears Philippine Return as SEC Clears BlockShoals Sandbox Test

This final approval follows the SEC's earlier clearance of BlockShoals' Stratbox application in November 2025, after the company met the remaining regulatory requirements.

The SEC's green light comes weeks after the Bangko Sentral ng Pilipinas clarified that neither Binance nor BlockShoals currently holds a Virtual Asset Service Provider license, which is required for certain crypto payment and transaction services. The central bank said participation in the SEC's Stratbox program does not replace the need for a separate BSP license, because the two regulators oversee different parts of the country's financial sector. BlockShoals would need to integrate with a licensed domestic VASP before onboarding users through Binance's infrastructure could begin.

Yi He described the development as Binance's official entry into the Philippines. The SEC approval itself authorizes BlockShoals to begin sandbox testing and names Binance as its global CASP partner. The document does not state that Binance has obtained a Philippine VASP license.

Binance has been working to strengthen its regulatory position in several jurisdictions. On July 1, the exchange told affected European Union users that withdrawals and other account options would remain available as MiCA-related service changes took effect, while it continued pursuing authorization to operate under the bloc's new crypto rules.