Philippines Issues Stricter Crypto Listing Rules, Bans Privacy Coins

Yahoo News · Jul 2, 2026

Philippines Issues Stricter Crypto Listing Rules, Bans Privacy Coins

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Philippines Issues Stricter Crypto Listing Rules, Bans Privacy Coins

Last June, the SEC enacted Memorandum Circular No. 5, forcing crypto-asset service providers (CASPs) to register locally, hold $1.8 million (₱100 million) in paid-up capital, store customer data within the country, and report to both the SEC and the Anti-Money Laundering Council.

By August, the commission had cut off access to 10 offshore platforms, including OKX, Bybit, Kraken, and KuCoin.

Luis Buenaventura, President at the Blockchain Council of the Philippines, previously told Decrypt the SEC's rules created "a competitive advantage for licensed players," and maintained the broader crackdown will gradually move users toward compliant services.

Lawmakers have pushed on a separate track, weighing Senate Bill 1330, which would place the national budget on-chain following mass protests over roughly $9.2 billion in flagged public works spending.

Philippine SEC Cuts Access to Offshore Crypto Exchanges

Binance back at the door

Global crypto exchange Binance is attempting to return to the Philippines through local partner BlockShoals Technologies Inc., which received initial SEC clearance in November under the StratBox regulatory sandbox, according to a report in local media outlet BitPinas.

But the BSP has stated that neither Binance nor BlockShoals holds a VASP license, and that sandbox participation "doesn't substitute for central bank licensing."

The SEC has since narrowed its own language, reclassifying Binance as a "global crypto-asset service provider" rather than a global VASP, and now requires BlockShoals to integrate with a licensed domestic VASP within 90 days before onboarding any users through Binance infrastructure.

This article has been published in decrypt.co via Yahoo News.