Binance, BlockShoals Lack Required VASP License for Philippines Return, BSP Clarifies

According to BitPinas, the Bangko Sentral ng Pilipinas (BSP) has clarified that both Binance and its partner BlockShoals Technologies currently lack the Virtual Asset Service Provider (VASP) license required to offer certain cryptocurrency payment and transaction services in the Philippines. The BSP stated that participation in the Philippine Securities and Exchange Commission's StratBox regulatory sandbox does not exempt companies from obtaining separate central bank authorization. Under the revised conditions, BlockShoals must integrate with a licensed domestic VASP within 90 days before onboarding users through Binance infrastructure.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments