The Philippines SEC has approved BlockShoals Technologies to launch testing of cryptocurrency asset products under a regulatory sandbox.

BlockShoals is a locally registered cryptocurrency platform in the Philippines, responsible for local regulation, compliance, and user-side operations. Meanwhile, @binance serves as a global CASP partner, providing underlying technology, security, products, operations, and compliance expertise.

The Philippines itself is a country with a high cryptocurrency adoption rate in Southeast Asia, ranking 9th globally in the Chainalysis 2025 Global Crypto Adoption Index, and 6th in retail centralized exchange activity.

According to conservative estimates from Triple-A, there are approximately 7 million cryptocurrency holders in the Philippines, accounting for about 6.13% of the total population. Additionally, market research by IMARC indicates that the Philippine cryptocurrency market is expected to reach about $54.68 billion by 2025 and may approach $120.7 billion by 2034.

This data sufficiently indicates that the Philippines is not a small market that can be overlooked.

For Binance, the most important aspect of this is returning to the Philippine market through compliant means. Binance was previously restricted from accessing the Philippines due to licensing issues raised by regulators, but now, through the locally compliant platform BlockShoals, it is reopening the Philippine market.

Currently, it is still in the regulatory sandbox phase, starting with a 90-day system integration, followed by user onboarding. There is still a distance to full licensing, but if this path is successful, the Philippines may become a model for Binance to reopen compliant markets in Southeast Asia.

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