TechFlow reports, July 2, Binance co-founder He Yi announced in a post that Binance has officially entered the Philippine market. Meanwhile, documents she shared indicated that the Securities and Exchange Commission of the Philippines has finally approved BlockShoals Technologies to launch testing of financial products and services under its regulatory "Strategic Sandbox" framework. Previously, BlockShoals completed the remaining compliance matters required by the regulatory authority, and its sandbox application received preliminary approval on November 12, 2025.
According to the disclosure, BlockShoals will operate under a crypto asset intermediary model, enabling Philippine users to access certain products and services provided by its global crypto asset service provider partners. In the initial testing phase, the company will first complete system integration with local Virtual Asset Service Provider partners within 90 days. After integration is completed, BlockShoals will proceed with implementation according to the approved test plan, including conducting user onboarding through its global crypto asset service provider partner Binance, with relevant processes subject to applicable safeguards and regulatory supervision.
