BlockShoals Technologies, Inc., the local partner of crypto exchange Binance, has confirmed its registration as a covered person with the Anti-Money Laundering Council (AMLC).
The AMLC issued the company its Certificate of Registration on June 18 under the Anti-Money Laundering Act of 2001, as amended, classifying it as a crypto-asset service provider.
BlockShoals operates as a crypto-asset intermediary under the Securities and Exchange Commission’s Strategic Regulatory Sandbox framework.
Legal counsel for the firm stated that the AMLC registration is held in the company’s own name and does not rely on any external partner. The status arises directly from its role as a crypto-asset service provider under applicable rules.
Under the commission’s crypto-asset service provider regulations, all intermediaries must comply with anti-money laundering law and related rules on counter-terrorism and counter-proliferation financing.
The company said it will uphold ongoing obligations including customer due diligence, transaction monitoring, record-keeping, and the filing of covered and suspicious transaction reports.
BlockShoals emphasized its commitment to regulatory compliance and welcomed continued oversight as it builds a secure crypto ecosystem for Filipino users.
The registration supports Binance’s efforts to re-enter the Philippine market through the sandbox framework, with BlockShoals serving as the access point for local users.
The commission approved the company’s testing plan on November 21, with a notice to proceed issued on April 14.
The initial phase involves a 90-day systems integration with a partner virtual asset service provider, followed by user onboarding under prescribed safeguards.
BlockShoals will operate under strict regulatory supervision throughout the testing period to ensure full adherence to sandbox requirements.
The sandbox phase is expected to begin within the semester and run for at least two years.
The company has selected a virtual asset service provider regulated by the central bank as part of its approved plan and is finalizing the partnership.
