Binance Taps Philippine Sandbox to Set Global Crypto Standards

Crypto exchange Binance is looking to use its partnership in the Philippines as a model for other global platforms entering the local market.

The company's general manager, Jen Bilango, stated that their compliance work with the Securities and Exchange Commission's (SEC) Strategic Sandbox could help set standards for foreign crypto exchanges.

Binance partnered with BlockShoals Technologies Inc., a Philippine-based Crypto Asset Intermediary, to enter the StratBox. The companies are collaborating with regulators to establish safeguards based on Know Your Customer (KYC) and Customer Due Diligence requirements.