The Central Bank of the Philippines stated that neither Binance nor its local partner BlockShoals possesses a VASP license.

CoinFeed reported on June 11 that, according to BitPinas, the Central Bank of the Philippines (CBNP) has confirmed that neither Binance nor its local partner, BlockShoals Technologies Inc., holds a Virtual Asset Service Provider (VASP) license. The CBNP stated that participation in the Securities and Exchange Commission's (SEC) regulatory sandbox does not exempt an entity from applying for a separate CBNP license. The CBNP and the SEC are coordinating on the collaboration between BlockShoals and Binance. The Philippine SEC previously revised BlockShoals' testing terms, designating Binance as a global crypto asset service provider partner rather than a global VASP.