Binance Officially Enters Philippines Amid MiCA Setback Forcing EU User Restrictions

Binance has officially taken its foot in the door of the Philippine market with a regulatory sandbox initiative. On the other hand, the exchange is facing new restrictions in EU after the European Union’s Markets in Crypto-Assets (MiCA) transition period came to an end.

Binance Re-Enters Phillipines With SEC Approval

Binance co-founder Yi He shared the news on X, saying: “Binance officially enters Phillipines,” As part of this, she also posted a letter from the Philippine Securities and Exchange Commission (SEC).

The SEC says it’s “granted final approval to BlockShoals Technologies Inc. to kickstart the testing of its financial products and services under the Commission’s regulatory sandbox.” The approval followed the firm’s final clearance in November 2025 following it meeting the remaining compliance obligations, the regulator said.

Moreover, the SEC said that “operating under a crypto-asset intermediary model, the BlockShoals Stratbox will allow Philippine-based users to access selected products and services offered through its global crypto-asset service provider (CASP) partner.” However, previously, Phillipines moved to ban privacy coins as it tightened crypto listing regulations.

Meanwhile, in a statement, the SEC also stated that BlockShoals will connect its systems to its local virtual-asset service provider partner over 90 days as part of the rollout. Once integrated, the company will continue its implementing of its approved testing plan. This framework includes user onboarding with its global CASP partner, Binance, subject to appropriate safeguards and regulatory oversight.

Binance Co-CEO Richard Teng also expressed enthusiasm on this feat. He wrote on X, “The Philippines has always been one of the most vibrant crypto communities in the world. Let’s go!”

The Philippines has always been one of the most vibrant crypto communities in the world.

Let's go! https://t.co/LJfyam8sTA

— Richard Teng (@_RichardTeng) July 2, 2026

Limited User Access In EU After MiCA License Fallout

However, the Philippine SEC’s announcement comes in the wake of Binance’s efforts to curb user services in certain parts of Europe. These restrictions follow the implementation of MiCA’s full regulations on July 1.

The exchange has suspended new user registration, deposits and Earn products in Italy, Spain, France, Poland, Belgium and Sweden. Access is different depending on country, account status, and product availability; limitations are in place for impacted jurisdictions.

Withdrawals and transfers will continue to be available for impacted customers, Binance stated. Teng also assured users that their assets were kept safe and restated that customer assets were still backed on a 1:1 basis.

According to the exchange, the guidance is being issued via the exchange communication channels. Also, they will offer customer support for product access and withdrawal-related queries.

The European ban comes after the company announced that it would not proceed with the planned authorization process in Greece before the July 1 deadline. At the time, Binance subsequently withdrew its application for a MiCA license in Greece.

The company has since said it will seek to be licensed in another EU member state. Further, it is working with regulators to get the approval to continue services in the region.

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