Luis Buenaventura: If We’re Going to Let Binance In, We Should Let All Global Cexs Too

#CryptoPH thought leader Luis Buenaventura stated that if the regulatory framework permits global digital asset exchange Binance to operate in the Philippines, the domestic market should be opened to all international centralized exchanges.

Key Details

In a post published on social media, Buenaventura, formerly the head of crypto at GCash and now Chief Strategy Officer of Talino Fintech Foundry as well as President of Blockchain Council of the Philippines, analyzed the competitive and regulatory implications of Binance’s return to the country through its partnership with local fintech firm BlockShoals Technologies Inc. The commentary follows the recent appointment of former PLDT Chief Executive Officer Alfredo “Al” Panlilio as the chairman of BlockShoals.

• Buenaventura noted that the regulatory campaign against Binance, which began in 2022 and resulted in a Securities and Exchange Commission (SEC) ban in 2024, was fundamentally about maintaining regulatory parity across the industry.
• He argued that enforcement must be applied equally to avoid penalizing compliant entities while boosting unregulated competitors.
• Binance’s initial domestic success prior to the 2024 ban was largely facilitated by lower operational overhead from operating without a local office, local tax obligations, or domestic regulatory reporting.

Corporate Alliances and Leadership

Buenaventura highlighted that a 100-fold difference in operational scale between global exchanges and local platforms acts as a deciding market factor in the Philippines. He stated that this scale advantage explains why prominent domestic companies and figures are allying with global entities. He cited the recent appointment of Panlilio, alongside other recognizable business figures who have affiliated themselves with the BlockShoals-Binance venture over recent months. (Read More: [Transcript] ‘The Ban Changed Everything’: Binance Reveals Two-Year Regulatory Journey Back to the Philippines — PBW Panel)

According to Buenaventura, this top-heavy local alliance became necessary because the previous regulatory ban against Binance was highly visible and recent. He contrasted this entry model with other international platforms, stating that an exchange like Coinbase would likely not require similar corporate machinery to enter the market as a Virtual Asset Service Provider (VASP). He added that competing global exchanges such as OKX, Bybit, and Bitget are actively monitoring Binance’s regulatory developments in the country. (Read More: List of Licensed Virtual Asset Service Providers in the Philippines)

The Sandbox Framework and VASP Architecture

The commentary comes amid ongoing regulatory execution under the SEC’s Strategic Sandbox, known as the StratBox framework. BlockShoals recently secured final approval from the SEC to conduct live testing under a crypto-asset intermediary model, which includes an upcoming 90-day system integration period with an unnamed licensed domestic VASP. A recent legal white paper published by Arden Consult detailed that the corporate setup utilizes a split-perimeter compliance model, separating cryptocurrency market conduct under the SEC from fiat transaction routing governed by the Bangko Sentral ng Pilipinas (BSP).

Buenaventura warned of a potential scenario where Binance might establish an exclusive arrangement with one of the remaining licensed domestic VASPs to create a regulatory choke point once fully integrated. He stated that such a scenario would create an unfavorable outcome for local market competition. To ensure fair competition, Buenaventura argued that all global exchanges should be granted market entry to let the domestic consumer base decide.

Ongoing Regulatory Developments

The current sandbox rollout follows a public visit to Manila by Binance founder Changpeng Zhao, who held meetings with Department of Finance Secretary Frederick Go, SEC Chairperson Francis Lim, and the BlockShoals operational team. Zhao publicly endorsed the SEC’s StratBox initiative, stating that structured regulatory pathways attract investment capital to fund local financial innovation.

Under the terms of the sandbox framework, public user onboarding through Binance remains prohibited until BlockShoals successfully finalizes its 90-day technical infrastructure linkage with its local VASP partner. The SEC confirmed that all trial procedures remain subject to strict oversight under Republic Act No. 11765, also known as the Financial Products and Services Consumer Protection Act of 2022.

This article is published on BitPinas: Luis Buenaventura: If We’re Going to Let Binance In, We Should Let All Global Cexs Too

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