The Philippine SEC approved BlockShoals' sandbox, clearing the path for Binance to resume operations after a 2024 ban. The six-month pilot tests crypto trading and custody under direct regulator supervision.
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Binance's plan to return to the Philippines just cleared its biggest regulatory hurdle. The Philippine Securities and Exchange Commission granted final approval for BlockShoals Technologies Inc. to test financial products and services under the agency's Strategic Regulatory Sandbox, or StratBox, framework. BlockShoals is the local entity Binance is using to re-enter the market after a 2024 ban.
The SEC ordered the country's telecom regulator to block Binance's website and apps more than a year ago, citing unregistered securities offerings and weak investor protections. BlockShoals applied for the sandbox in late 2024. The approval now lets the exchange run a controlled pilot under direct SEC supervision.
The sandbox will cover crypto trading and custody services for a limited set of users. BlockShoals must follow anti-money laundering rules, maintain consumer safeguards, and submit regular reports on transaction volumes, user complaints, and security incidents. The initial term is six months, with an option to extend. If the SEC finds violations, it can terminate the test immediately.
Binance has used this model elsewhere. In Thailand, it partnered with a local firm to launch a regulated exchange. In Brazil, it bought a licensed broker. Each time the pattern is the same: work through a local entity, submit to sandbox testing, then apply for a full license.
For Philippine crypto users, a regulated Binance would be a return to the platform that dominated local trading before the ban. Its absence pushed many traders to smaller local exchanges or peer-to-peer markets. If the pilot goes smoothly, Binance services could resume within months.
Risks persist. The sandbox could reveal compliance gaps that delay or block a full license. The SEC has been aggressive on registration rules. In 2024, it coordinated with the National Telecommunications Commission to block multiple unregistered platforms. The sandbox is a probationary period, not a guarantee.
BlockShoals has not announced a start date for the pilot. The SEC said the sandbox will run for an initial six months once it begins. Regular reporting to the regulator is mandatory. Any violation can shut it down early.
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