BlockShoals Starts 90-Day VASP Integration for Binance
BlockShoals Technologies is integrating with a BSP-licensed VASP partner to develop secure Philippine peso fiat rails, a requirement for Binance's testing phase under the SEC's StratBox sandbox framework.
Key Takeaway
Binance can't onboard Philippine users until BlockShoals completes VASP integration and gets final SEC approval.
BlockShoals Technologies started a 90-day integration period with an unnamed BSP-licensed VASP partner to develop secure Philippine peso fiat rails.
The process will focus on enabling seamless peso on-ramping and off-ramping—converting fiat currency into cryptocurrency and vice versa—according to an SEC statement. BlockShoals is Binance's locally registered and regulated entity in the Philippines, operating under the SEC's StratBox sandbox framework since November 2025.
BlockShoals Head of Legal and Director Marie Antonette Quiogue said the company needs to work with a partner that is properly regulated, has strong compliance systems and is committed to investor protection. She confirmed the VASP tie-up was always part of BlockShoals' testing plan submitted to and approved by the SEC under StratBox.
The company notified both the SEC and BSP Risk and Supervision Department about the planned VASP partnership during a meeting on May 29. Throughout the testing period, BlockShoals operates under direct SEC supervision and welcomes close coordination between the SEC and BSP, which run separate but complementary regulatory frameworks.
The SEC clarified that BlockShoals is authorized to test trading activities and other advanced crypto-asset products within a controlled regulatory environment, but this should not be construed as the commencement of public onboarding, public trading operations or broader market reopening. Any future public participation or onboarding activities will remain subject to applicable regulatory requirements and further SEC approval.
Neither Binance nor BlockShoals currently holds a Philippine VASP license from the BSP. PDAX and Coins.ph remain the only BSP-licensed exchanges where Filipinos can legally trade crypto with peso fiat rails.
🇵🇭 Filipino Impact
The 90-day integration phase will build the infrastructure Filipino users need to convert pesos into crypto on Binance's platform. PDAX and Coins.ph remain the only BSP-licensed exchanges where Filipinos can legally trade crypto with peso fiat rails today.
This article was written based on reporting from Philstar.
