radar Business Exclusive: Binance and eToro set to return to PH crypto market

The Securities and Exchange Commission shared future plans for crypto trading and regulations in the country in an exclusive interview with radar Business.

Cryptocurrency trading platforms Binance and eToro are set to return to the Philippines, said Securities and Exchange Commission (SEC) chair Rogelio Quevedo.

In an exclusive interview with radar Business on December 9, Quevedo said the crypto market giants have expressed interest in returning to the local market as the SEC prepares formal guidelines for cryptocurrency trading.

“I think they have realized that the Philippines is also an important market. They previously didn’t want to be regulated, but now, they have already signified. We will draft the appropriate guidelines together with these cryptocurrency and crypto asset providers,” said Quevedo.

Binance had its website blocked in the Philippines in March 2024 and removed from app stores in April 2024 after the SEC alleged it had “offered an investment and trading platform without the necessary license.” The platform allows users to purchase over 500 cryptocurrencies, including Bitcoin and Ether.

eToro, which offers over 100 cryptocurrencies, terminated its operations in the country in December 2024 amid “regulatory changes.”

No ban on crypto trading

Aside from Binance, nine other crypto trading platforms had their websites blocked in 2024 due to policy changes regulating crypto-asset service providers (CASPs).

CASPs facilitate the professional sale, use, or access to crypto services—such as cryptocurrency exchanges.

Despite the crackdown on trading platforms, the SEC clarified that crypto trading is not banned in the country—it must only be conducted through registered platforms.

The SEC issued guidelines regulating CASPs in June 2025 to strengthen investor protections in the crypto market. These rules set the framework for CASP operations and require crypto businesses to register with both the SEC and the Bangko Sentral ng Pilipinas (BSP).

“This ensures that investors are protected, market integrity is upheld, and all participants operate on a level playing field,” the SEC said in an August 14 advisory.

New regulations eyed, but applications remain closed

Quevedo said that the SEC is aiming to draft a new set of cryptocurrency trading regulations by the first quarter of 2026. Once completed, the guidelines will be published for public comment before implementation.

“We are still studying if we should place this in the sandbox or come up with a completely new mechanism. But I think that will definitely stimulate the Philippine market itself. And I think it is here in cryptocurrency, crypto assets, that the Philippines can be at par with the rest of the world,” he said.

However, the path to cryptocurrency regulation may face a hurdle with an indefinite ban by the BSP on new crypto licenses.

The BSP uses the term virtual asset service providers (VASPs) to refer to CASPs. In August 2025, the central bank indefinitely extended its September 2022 moratorium on new VASPs.

“The extension considers the heightened risks associated with virtual assets and underscores the BSP’s commitment to protect consumers and maintain the stability and integrity of the financial system,” the BSP said.

Blockchain research firm Chainalysis reported the Philippines as second in worldwide cryptocurrency adoption in 2022, citing growing usage and weighted retail value. The country has since fallen to ninth place in 2025.

Binance and eToro have yet to reply to radar Business’s request for comment as of press time.

 

 

Binance and eToro are preparing to re-enter the Philippine cryptocurrency market as the SEC moves to formalize crypto regulations.

 

 

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