Philippines' central bank says Binance and its local partner lack licenses to operate

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, stated this week that Binance and its local partner, holding company Bloom Solutions, are operating in the country without the required license. A local media report cited the BSP's announcement, which also indicated that Binance has been delisted from the BSP's Virtual Asset Service Provider (VASP) registry. Bloom Solutions, operating under the name Coins.ph, was previously registered as a VASP but was removed from the registry on March 12, 2024. The BSP's action follows a directive from President Ferdinand Marcos Jr. to investigate and take down unregistered online trading platforms. Binance has been accused of facilitating unregistered securities transactions in the Philippines, a claim the company has not yet publicly addressed. The BSP has warned the public against transacting with entities that do not possess the necessary licenses to operate digital asset exchanges and other financial services.