The Philippine Central Bank confirms that Binance and BlockShoals Technologies Inc. do not have VASP licenses

According to BitPinas, the Philippine central bank has confirmed that Binance and local partner BlockShoals Technologies Inc. do not hold a VASP license for virtual asset service providers. The Philippine Central Bank stated that participating in the Securities and Exchange Commission's regulatory sandbox does not exempt entities from the requirement to apply for central bank approval. The Philippine Central Bank and SEC are coordinating the cooperation between BlockShoals and Binance. The Philippine SEC has revised the testing terms for BlockShoals, designating Binance as a global partner for cryptocurrency service providers rather than a global VASP.