Binance's Philippine Comeback Bid Faces Licensing Hurdle on June 11

According to CoinDesk, Binance's attempt to re-enter the Philippines through BlockShoals Technologies Inc. hit a regulatory obstacle on June 11, when the Bangko Sentral ng Pilipinas (BSP), the country's central bank, confirmed that neither company holds the virtual asset service provider (VASP) license required to offer crypto payment and transaction services.

BlockShoals had entered the Securities and Exchange Commission's StratBox sandbox in November. However, the BSP clarified that sandbox participation does not substitute for obtaining a BSP operating license. Binance announced last month it was partnering with BlockShoals to operate in the market.