Binance Return to Philippines Uncertain Despite Regulatory Sandbox

Binance's return to the Philippines is not a done deal despite its participation in the Securities and Exchange Commission's (SEC) regulatory sandbox. The global crypto platform, along with local fintech firm BlockShoals Technologies, is testing proposed activities under SEC supervision as part of a two-year program.

According to SEC chairman Francis Lim, admission to the sandbox should not be interpreted as regulatory approval. 'It may or may not happen,' Lim said. 'We have to test.' The commission will assess risks and determine appropriate rules based on data collected during the testing period.

SEC commissioner Rogelio Quevedo emphasized that participation in the sandbox does not erase liabilities arising from previous breaches of securities rules. 'Being in the sandbox does not cure the penalties that will be imposed on a company that has committed violations against the Securities Regulation Code,' Quevedo said.