PANews reported on June 11 that, according to BitPinas, the Central Bank of the Philippines (CBNP) has confirmed that neither Binance nor its local partner, BlockShoals Technologies Inc., holds a Virtual Asset Service Provider (VASP) license. The CBNP stated that participation in the Securities and Exchange Commission's (SEC) regulatory sandbox does not exempt an entity from applying for a separate CBNP license. The CBNP and the SEC are coordinating on the collaboration between BlockShoals and Binance. The Philippine SEC previously revised BlockShoals' testing terms, designating Binance as a global crypto asset service provider partner rather than a global VASP.