Charles Schwab is working with Cboe Global Markets to launch a new type of options contract that would allow customers to make yes-or-no wagers on the performance of the S&P 500, marking the brokerage’s first move into prediction markets, according to a Wall Street Journal report.

The feature is expected to roll out to Schwab customers in the coming months, the Journal reported, citing people familiar with the matter.

Unlike traditional prediction market platforms such as Polymarket and Kalshi, which typically offer futures-style contracts tied to the outcome of events, Schwab’s product would function more like a binary option, in which the contract would pay a fixed cash amount or expire worthless depending on whether the S&P 500 closes above or below a specified target price.

Schwab and Cboe are also in talks to offer a similar product tied to a Cboe feature known as the “Plus Zone,” which would allow traders to receive a partial payout when their prediction is close to the final outcome, even if the index does not finish exactly at the target level.

Bitcoin has climbed back above $63,000 after reports of an Israel-Hezbollah ceasefire have renewed expectations that stalled diplomatic talks between the United States and Iran could resume before the end of June.

According to Reuters, Israel and Hezbollah have agreed to a ceasefire that is set to take effect on Friday, citing a senior U.S. official. The development comes days after Israeli strikes in Lebanon raised tensions across the region and disrupted plans for U.S.-Iran discussions that had been scheduled to take place in Switzerland.

According to data from crypto.news, Bitcoin (BTC) briefly climbed above $63,000 and reached an intraday high of $63,300 on June 19 after reports of an Israel-Hezbollah ceasefire boosted market sentiment. The cryptocurrency later pared some gains and settled at $63,000 at press time.

The ceasefire carries significance beyond Lebanon because it reduces pressure on a U.S.-Iran peace framework signed earlier this week. Reports surrounding the agreement had helped support risk assets, while concerns over renewed regional conflict weighed on sentiment after talks between Washington and Tehran were postponed.

Earlier reports cited by crypto.news indicated that Iran had threatened retaliatory action against Israel following the strikes in Lebanon and warned that escalating tensions could affect shipping through the Strait of Hormuz.

With the ceasefire now in place, the memorandum of understanding between the U.S. and Iran remains active, removing one source of uncertainty that had emerged in recent days.

Traders continue pricing in a diplomatic meeting

Prediction market data suggests traders still expect negotiations between the U.S. and Iran to take place before the end of the month despite the disruption.

According to Polymarket data, the single most likely outcome is that no meeting takes place before June 30, with traders assigning that scenario a 38.6% probability. A meeting in Switzerland remains the second-most likely outcome at 31.4%.

Market participants have closely tracked developments surrounding the peace process because the conflict has influenced energy prices and inflation expectations since fighting began earlier this year. Any progress toward a diplomatic resolution could reduce concerns about supply disruptions and additional economic pressure.

Technical and on-chain signals remain cautious

Even as geopolitical tensions eased, Bitcoin continued to face headwinds from U.S. monetary policy.

Following this week’s Federal Open Market Committee meeting, the Federal Reserve kept interest rates steady at 3.50%–3.75% and signaled that additional rate hikes could still be considered later this year. The central bank’s hawkish stance has continued to pressure risk assets, with Bitcoin remaining below levels seen before the recent selloff.

Commenting on Bitcoin’s market structure, analyst Ted Pillows argued that the cryptocurrency has not yet established a bottom. He suggested that another lower high could form before the market reaches a capitulation phase.

“IMO, this lower high could be around the $74,000 level, which has been a key level since Q1 2024. After that, Bitcoin will have its final dump.”

On-chain activity has also pointed to continued stress among some investors. Blockchain tracking platform Lookonchain reported that a whale identified as wallet sold 800 BTC worth about $50.24 million after holding the position for seven months.

U.S. Representative Bryan Steil, who chairs the House subcommittee on digital assets, has introduced a bill aimed at curbing how elected officials participate in politically focused prediction market contracts. The proposal—called the Stop Lawmakers from Predicting Act—would restrict certain officeholders, along with their spouses and dependent children, from placing bets tied to specific government policies or political outcomes on platforms such as Kalshi and Polymarket.

Steil’s announcement, made in a Thursday notice, outlines a financial penalty structure for violations: officials who fall under the ban would have to pay either a $2,000 fee or an amount equal to 10% of the value of the prohibited bets placed on participating prediction market platforms.

Key takeaways

• Steil’s bill targets prediction market wagers tied to “government policies,” “government actions,” and broader political outcomes.
• The restriction applies to members of Congress plus their spouses and dependent children, but does not broadly prohibit all event betting.
• If enacted, the law would impose penalties ranging from a $2,000 fee to 10% of the bet value.
• The legislation does not extend to White House officials, which may keep political questions around insider influence in the spotlight.
• The bill lands amid ongoing federal-versus-state regulatory conflict over prediction markets led by the CFTC.

What the Stop Lawmakers from Predicting Act would bar

According to Steil’s notice, the bill is designed to prevent public officials from profiting from policy questions and political results. It does not attempt to shut down prediction markets entirely, and it does not frame the issue as a ban on lawmakers participating in all types of event contracts.

Instead, the proposed law focuses on the content of the wager: it would bar bets aligned with specific government policies, government actions, and “political outcomes.” In practical terms, that framing appears intended to cover politically sensitive contracts, which could include contracts reflecting election results or other outcomes closely tied to governmental decisions.

The bill also specifies timing. If passed by Congress and signed into law by the president, it would take effect 180 days after enactment.

Why lawmakers are targeting politically aligned event contracts

Steil’s proposal is the latest attempt to address concerns that lawmakers—or others with privileged access to information—could benefit from prediction markets before key developments become public. The push has gained public attention after widely reported claims surrounding political event betting.

Earlier coverage highlighted a case involving a U.S. soldier who allegedly placed more than $400,000 in bets related to the removal of Venezuela’s President Nicolás Maduro on Polymarket. Maduro was reported to have been ousted by U.S. forces in January, according to earlier reporting from Cointelegraph. The incident became a focal point for broader questions about whether market participants may exploit privileged knowledge connected to government activity.

While Steil’s bill is not described as a direct response to that single case, it reflects a similar policy concern: when contracts are tied to governmental actions or political results, the potential for unfair advantage becomes a central political issue.

Limits of the bill—and the unanswered White House question

Although the bill is aimed at members of Congress, it does not specifically place the same restrictions on White House officials. That omission has practical relevance because prediction markets regulation and compliance debates often extend beyond Capitol Hill.

Cointelegraph previously reported that lawmakers have moved to address insider trading and related concerns in prediction markets, but Steil’s legislation—based on the description in the notice—does not explicitly cover White House figures, including President Donald Trump and Vice President JD Vance. Earlier reporting also noted that Donald Trump Jr. has served as a strategic adviser to Kalshi, while another adviser role was reported in connection with Polymarket.

Additionally, Cointelegraph noted Polymarket’s sponsorship of the UFC Freedom 250 event at the White House on Sunday. While those details do not by themselves establish any wrongdoing, they help explain why critics may view the bill’s scope as incomplete—particularly if the objective is to reduce perceived conflicts of interest across the political ecosystem.

Cointelegraph reported that it reached out to Steil’s office for comment but did not receive an immediate response.

Prediction markets regulation is already a federal-state battleground

Steil’s bill enters a landscape where federal regulators have been asserting strong authority over prediction market activity. Under the Trump administration, the Commodity Futures Trading Commission (CFTC) and its chair, Michael Selig, have maintained that the agency has “exclusive jurisdiction” over regulation and enforcement related to prediction markets.

According to Cointelegraph, the CFTC has already filed multiple lawsuits against state-level authorities that attempted to restrict or ban prediction market platforms. The agency’s legal position, as described in earlier coverage, is that event contracts can be treated as “swaps” under the Commodity Exchange Act rather than as traditional bets subject to different regulatory frameworks.

Cointelegraph also reported that legal disputes over prediction markets could ultimately reach the Supreme Court, referencing the potential for continued appeals related to Kalshi. That federal litigation matters to investors and platform operators because it can determine whether prediction markets can expand nationally without being met by a patchwork of conflicting state rules.

In that context, Steil’s bill may function as a separate track—targeting conflicts of interest involving federal officeholders—while the broader question of regulatory classification and jurisdiction remains tied to ongoing court fights.

For market participants, the key next step is to watch whether the Stop Lawmakers from Predicting Act gains traction in Congress and how its political scope is debated—especially given the law’s apparent focus on members of Congress rather than the broader executive branch. Meanwhile, developments in the CFTC’s court strategy could still reshape the operational rules for prediction markets regardless of any new federal conflict-of-interest legislation.

Wisconsin Representative Bryan Steil, who chairs the House subcommittee on digital assets, introduced a law to prevent certain public officials from “wagering on public policy issues and political outcomes,” notably without mentioning lawmakers in the White House.

In a Thursday notice, Steil said he had introduced the Stop Lawmakers from Predicting Act, which could bar “members of Congress, their spouses, and dependent children” from using policy-aligned event contracts on prediction markets platforms like Kalshi and Polymarket. The bill proposed that elected officials in violation pay a $2,000 fee or 10% of the value of the prohibited bets on the platforms.

Source: Committee on House Administration

The proposed law did not specifically bar US lawmakers from using prediction markets platforms or making bets on sporting events, but prohibited wagers on specific government policies, government actions and “political outcomes,” presumably including election results. If passed by Congress and signed into law by the president, the law could take effect in 180 days after enactment.

Steil’s bill was the latest attempt by members of Congress to address lawmakers potentially using insider information to profit on event contracts. The issue drew attention from many in the public after an incident involving a soldier who allegedly made more than $400,000 betting on the removal of Venezuela President Nicolás Maduro, who was ousted by US forces in January.

Related: Polymarket weighs KYC requirements amid global crackdown on prediction markets

Although the proposed law follows attempts from other lawmakers to crack down on insider trading on prediction markets, Steil’s legislation did not extend to White House officials, including President Donald Trump and Vice President JD Vance. Trump’s son, Donald Trump Jr., is a strategic adviser to Kalshi and an adviser to Polymarket, which was also a sponsor of the UFC Freedom 250 event at the White House on Sunday. 

Cointelegraph reached out to Steil’s office for comment but did not receive an immediate response.

Federal regulator still fighting for control of prediction markets

Under Trump, the Commodity Futures Trading Commission (CFTC) and its chair Michael Selig have claimed that the federal agency has “exclusive jurisdiction” in the regulation and enforcement around prediction markets. The CFTC has already filed multiple lawsuits against state-level authorities restricting or banning the platforms, claiming that under the Commodity Exchange Act, event contracts can be regulated as “swaps” and not bets.

Some experts believe that the legal fight could be headed to the Supreme Court next.

Magazine: The end of anon? AI could unmask crypto’s hidden identities

Ethereum faced renewed pressure after a major transaction involving BitMEX co-founder Arthur Hayes entered the market. Hayes sold 6,000 ETH at a loss, while Ethereum continued trading near the $1,700 level. At the same time, several large holders increased their exposure to the asset, creating mixed signals across the market.

Arthur Hayes Exits Ethereum Position at a Loss

Arthur Hayes completed a large Ethereum sale after accumulating the asset over recent days. Blockchain data showed that he purchased nearly 5,900 ETH at an average price of $1,793. However, he later sold 6,000 ETH at around $1,690 per coin.

The transaction carried an estimated value of $10.14 million. As a result, Hayes recorded a loss of roughly $606,000 on the position. The move attracted attention because he typically executes trades that target profitable exits.

Market participants linked the sale to the ongoing weakness in Ethereum’s price action. Selling activity increased across the broader crypto sector, and several major digital assets moved lower. Consequently, Ethereum struggled to maintain support near the $1,700 level.

Whales Continue Accumulating Ethereum

Despite Hayes’ sale, other large holders continued purchasing Ethereum. Recent on-chain data showed strong accumulation from several whale wallets. These purchases occurred while Ethereum traded near recent lows.

K3 Capital acquired 10,000 ETH from Binance in a transaction worth approximately $16.92 million. The purchase represented one of the largest single acquisitions recorded during the latest trading session. Furthermore, the transaction suggested continued institutional-level interest in Ethereum.

Another wallet linked to Chun Wang acquired 7,650 ETH valued at about $12.93 million. The purchase added to a series of recent accumulation activities by large holders. Therefore, whale activity continued to provide a contrasting signal against recent selling pressure.

Ethereum Faces Key Price Levels Amid Market Weakness

Ethereum remained under pressure throughout the latest trading session. The asset touched a low near $1,670 before recovering slightly toward $1,700. However, sellers maintained control of short-term market direction.

Analysts identified several important price levels for Ethereum. Some market observers highlighted the possibility of a move toward $1,900 if buying momentum improves. Meanwhile, weaker conditions could expose the asset to additional downside near the $1,500 support zone.

Recent actions from Hayes added another layer of discussion around market sentiment. Earlier this month, he also reduced exposure to Worldcoin before the highly anticipated SpaceX IPO. In addition, he exited positions in Hyperliquid’s HYPE token and NEAR Protocol assets.

Ethereum remains the second-largest cryptocurrency by market capitalisation. The network supports decentralised finance applications, tokenised assets, and smart contract activity across the digital asset sector. Because of its role within the industry, major transactions involving prominent traders often attract significant attention.

Current market conditions continue to reflect competing forces. On one side, high-profile sales have increased discussions about short-term weakness. On the other side, sustained whale accumulation signals that some large holders still view current price levels as attractive entry points.

The coming sessions may provide greater clarity regarding Ethereum’s next direction. Until then, market participants will likely focus on support levels, whale activity, and broader crypto market performance. These factors could influence whether Ethereum stabilises above current levels or extends its recent decline.

Amazon has withdrawn from distributing the Sam Altman biopic “Artificial” as OpenAI moves closer to a potential public listing.

According to a report from Puck, Amazon has stepped away from the high-profile film project despite continuing discussions with the filmmakers about securing a new distribution partner.

The report said the decision comes as Amazon deepens its business relationship with OpenAI, including a multi-billion-dollar investment commitment tied to future milestones.

The movie centers on OpenAI chief executive Sam Altman and also features Tesla and xAI founder Elon Musk. Puck reported that the film does not present either technology executive in an entirely favorable light, a factor that some industry observers believe may have influenced Amazon’s decision.

While the company reportedly expressed confidence in the director’s creative abilities, it has chosen not to move forward as the film’s distributor.

Amazon’s exit has drawn attention because it follows a major cloud computing agreement signed with OpenAI last year. Although the company has not publicly linked the decision to its partnership with the artificial intelligence firm, the timing has fueled discussion across both Hollywood and the technology industry.

OpenAI prepares for a possible stock market debut

Attention around the film arrives as OpenAI continues laying the groundwork for a potential initial public offering.

According to earlier reports, the company recently submitted a confidential draft registration statement to U.S. regulators, allowing it to prepare for a public listing without immediately committing to a launch date.

Reports citing internal discussions said Altman told employees that OpenAI could go public within the next year, though he stressed that the timeline remains flexible and could change depending on market conditions and company priorities.

During those discussions, Altman reportedly described the confidential filing as a strategic step that preserves optionality. By filing early, the company can move quickly if conditions become favorable or delay a listing if remaining private offers more benefits.

Investor interest in OpenAI has increased as artificial intelligence companies attract larger capital inflows and command higher valuations in public markets. The company has remained at the center of that trend through new partnerships, product expansion, and growing enterprise adoption.

Enterprise expansion strengthens OpenAI’s position

Recent commercial agreements have added to the momentum surrounding OpenAI’s business.

As reported by crypto.news earlier this month, OpenAI signed a multi-year agreement with BBVA that will expand ChatGPT Enterprise access from 11,000 employees to the bank’s entire workforce of 120,000 people.

According to OpenAI, the deployment will extend across BBVA’s operations in 25 countries and support AI-based tools for customer service, risk analysis, software development, and internal operations.

OpenAI said the rollout ranks among the largest generative AI deployments in the financial services sector. The company also stated that BBVA will work directly with its product, research, and technology teams as AI tools are integrated into customer-facing and internal systems.

Against that backdrop, Amazon’s decision to leave the Artificial project has landed at a moment when scrutiny of OpenAI, its leadership, and its future as a public company is intensifying. With IPO expectations building and new enterprise deals expanding the company’s reach, interest in Sam Altman and the organization he leads continues to grow well beyond the technology sector.

Earlier this year, a hacker tried to double-spend litecoin (LTC) before an emergency, 13-block reorganization thwarted the attack.

Even though developers have released a flurry of code patches to prevent a repeat, most of the Litecoin network’s nodes have still not installed the fix.

The patch has been available for free download for nearly two months. Nonetheless, of the nodes tracked by a major monitoring service, less than 30% are running up-to-date software that would reject the type of transactions behind April’s double-spending attempt.

Sadly, the largest cohort of node operators on the Litecoin network by software version run v0.21.4. This vulnerable version is live on roughly 39% of reachable nodes, most of which are non-mining.

Fortunately, most mining Litecoin nodes have updated their software, despite most validating nodes, which comprise the majority of the network, still operating with old, buggy code.

Speculation is building among parts of the trading community that Bitcoin’s next meaningful dip could function as a “macro bottom” trigger, potentially pushing BTC/USD into a targeted liquidity zone below $60,000 before a larger reversal. The renewed focus centers on how order-book liquidity on crypto exchanges can shape short-term price action—and whether traders’ current levels get “front-run” on the downside.

On Friday, pseudonymous analyst Killa argued that the market may be set up to sweep liquidity between roughly $50,000 and $60,000, potentially setting the stage for an end-of-bear-market pivot sometime between July and September. In parallel, multiple traders pointed to bearish pressure signals in short-term charts, including comments about short positioning on Binance.

Key takeaways

• Killa’s analysis suggests Bitcoin could “front run” higher-timeframe liquidity by sweeping $50,000–$60,000 to complete a longer-term bearish cycle.
• The core risk in Killa’s scenario is a partial liquidity grab—if the market reverses before that specific pool is fully taken, traders may be “left in complete disbelief.”
• Chart commentary from other traders highlights a close-in support window around $61,000–$62,000 that, if lost, could accelerate downside pressure.
• On shorter time frames, traders discussed “aggressive” short positioning on Binance, framing it as a reason near-term outlooks remain bearish.

Why order-book liquidity could drive a downside sweep

Killa’s thesis is tied to a familiar mechanism in liquid markets: order-book liquidity attracts activity, and large participants can move price in ways that force liquidation and unwind leveraged positions nearby. In the Bitcoin market, that process often results in sharp volatility when price moves toward clusters where traders have placed stops or liquidations.

According to Killa, the upcoming move is not just about where price is today, but about where liquidity is likely to be “front-run” by market makers and larger traders. Killa referenced prior behavior in which the market front-ran major liquidity above, and suggested a mirror pattern could occur below—leaving many participants surprised if the move is cleaner or faster than expected.

“Just like the market front ran the 140K liquidity above, it can do the exact same thing on the downside, leaving many in complete disbelief.”

In a post shared on X, Killa framed the key target as a sub-$60,000 liquidity grab in the next quarter. The idea is that once that pool is taken, the market may be positioned for a more durable reversal rather than a brief bounce.

Killa also emphasized that this is not a guarantee of a straight line lower. He noted that price could still sweep below $60,000 even if the primary argument is about taking the liquidity below that level.

The $50,000–$60,000 zone and what would “complete” the move

To support the liquidity-focused view, Killa pointed to a chart from CoinGlass showing a concentration of liquidation-linked liquidity activity in the $50,000 to $60,000 range. The practical implication is straightforward for traders: if that band is actively “cleared,” it can reduce the fuel for further forced downside in the immediate term and potentially change how derivatives positioning behaves.

The more nuanced part of Killa’s argument concerns what happens if the market doesn’t fully execute the expected sweep. Killa suggested that if the liquidity below $60,000 is grabbed completely, it may prevent the next major pool of liquidity from forming later—potentially around July to September—thereby marking what he described as a “macro bottom.”

“Because if this particular liquidity below 60K gets grabbed, there’s a very good chance the next major pool that forms between July and September never gets filled, marking the macro bottom.”

That distinction matters because it separates two outcomes that often look similar at first: a dip-and-retrace versus a liquidity-driven liquidation event followed by stabilization. In the first scenario, traders may treat a move below $60,000 as a temporary scare. In the second, they treat it as structural clearing that can shift the market’s next leg.

However, Killa’s own wording also highlights uncertainty. While he presented the $50,000–$60,000 area as the “main area of interest,” the market can still deviate—especially in highly leveraged periods where liquidity patterns can shift quickly.

Support tests and “aggressive” Binance shorts

Other traders are focusing on a narrower, near-term question: whether the market can hold current support levels around $61,000–$62,000. As Cointelegraph previously noted, there has been ongoing debate about the durability of the $60,000 area as the latest backdrop for BTC’s next move.

Daan Crypto Trades warned that the situation could deteriorate rapidly if those nearby lines fail to hold. In a summary posted to X, he said bulls need to defend the $61,000–$62,000 region to avoid “things get ugly real quick,” while also stating that, for the moment, price remained at support.

Meanwhile, Exitpump pointed to derivatives positioning dynamics on the Binance venue. In a separate X post, Exitpump flagged “aggressive” short positioning by Binance traders, arguing that it contributes to a bearish short-term outlook. In practice, this type of commentary is often used by traders to anticipate how quickly price could rebound—or how much downside pressure might build if the shorts remain crowded.

While such posts don’t provide a guaranteed path, they reflect a consistent theme across trading desks: in a market where liquidity and leverage amplify moves, positioning on major venues can influence whether support becomes a turning point or merely a stop on the way to a deeper sweep.

What investors and traders should watch next

If Killa’s liquidity-clearing scenario plays out, the key is not only whether BTC trades down toward $50,000–$60,000, but whether it does so in a way that meaningfully “takes” that pool and alters subsequent liquidity formation. Traders should also monitor the $61,000–$62,000 support window highlighted by Daan Crypto Trades—because a clean breakdown there could shift attention from a controlled liquidity sweep to a faster downside sequence. Over the coming weeks, changes in short-term derivatives positioning and whether liquidation-driven moves fully exhaust the targeted liquidity band will likely determine which narrative gains traction.

Binance’s renewed path to serving users in the Philippines is being shaped by a legal framework that hinges on what the companies say they are—and are not—doing under local rules. According to BlockShoals’ head of legal, Marie Antonette Quiogue, Binance may provide trading access through its arrangement with BlockShoals, but neither party is authorized to handle peso transfers or carry out other activities regulated by the Bangko Sentral ng Pilipinas (BSP), the Philippines’ central bank.

The discussion underscores a central tension in cryptocurrency regulation: whether an exchange can operate through an intermediary and a regulator-run sandbox while avoiding separate licensing requirements tied to banking and payments. The BSP has maintained that neither Binance nor BlockShoals is authorized to operate as a virtual asset service provider (VASP).

Key takeaways

• BlockShoals argues Binance’s trading access falls under the Securities and Exchange Commission’s (SEC) authority for crypto asset services, not BSP-regulated peso transfers.
• The BSP says participation in the SEC’s sandbox does not remove the need to comply with applicable laws and licensing obligations.
• Neither Binance nor BlockShoals has applied for a local VASP license, according to Quiogue.
• Binance’s return comes after the SEC and other regulators restricted access over licensing concerns in 2024.

How BlockShoals’ structure attempts to fit SEC oversight

Quiogue, who leads legal at BlockShoals, told Cointelegraph at Philippine Blockchain Week 2026 that Binance’s local activities are intended to operate under the SEC’s crypto asset service provider (CASP) framework. Under this model, BlockShoals acts as an intermediary, connecting Philippine users to Binance’s global trading platform.

She said the arrangement is designed to align with the SEC’s Strategic Sandbox, or StratBox. In practical terms, this is meant to establish which regulator—SEC versus BSP—has jurisdiction over the specific activities being offered.

Quiogue did not challenge the BSP’s position that neither company is authorized as a VASP in the Philippines. Instead, she argued that the lack of a VASP license does not automatically block the companies from providing services where the SEC has jurisdiction.

Her key distinction was operational: “Trading, the activity of trading, is clearly under the jurisdiction of the SEC,” she said, while adding that BlockShoals and Binance are “not moving pesos, which is clearly under the jurisdiction of the BSP.”

BSP stance: sandbox participation doesn’t eliminate licensing duties

While the SEC framework may govern trading-related activities, the BSP’s message is that regulatory experiments or sandbox participation do not excuse compliance with banking and payments rules. The central bank told Cointelegraph that neither Binance nor BlockShoals is authorized to operate as a VASP.

The BSP also emphasized that sandbox participation does not create a blanket exemption from other laws. As stated by the BSP, involvement in the regulatory sandbox “does not exempt an entity from complying with applicable laws, rules, and regulations, including any licensing requirements imposed by relevant regulators.” The BSP added that it was coordinating with the SEC on the issue.

From a compliance perspective, the practical implication is straightforward: if a service drifts into areas treated as VASP activity—or if it involves regulated functions tied to the BSP’s remit—additional authorization could still be required, even if the trading interface itself is routed through the SEC sandbox structure.

What changes—and what remains unresolved

Quiogue acknowledged that neither Binance nor BlockShoals sought a local VASP license. But she argued that when the companies introduce services that fall under a different regulator’s scope, they must obtain the relevant authority.

“If BlockShoals and Binance will be offering any product that is regulated by any other government agency, you have to get an authority from them,” she said. In other words, the legal position presented is conditional: permitted access depends on staying within the regulator-assigned boundaries.

This raises an investor-and-user question that matters beyond the immediate headline. Even where an exchange is accessible again, the legal risk may depend less on the existence of a sandbox relationship and more on the precise flow of activities behind the scenes—particularly anything touching transfers, custody, or payment rails that might be interpreted as BSP-regulated conduct.

For users, the change appears to be the restoration of platform accessibility under a new local structuring. For compliance watchers, the more important detail is that the arrangement is built around jurisdictional separation rather than a confirmed license covering all aspects of crypto services.

Background: restrictions followed SEC warnings over licensing

Regulatory scrutiny in the Philippines predates this latest arrangement. In November 2023, the SEC warned that Binance was not authorized to sell or offer securities in the country, citing the absence of the necessary license and registration. The SEC also pointed to the Binance platform’s status in relation to local regulatory requirements, according to the SEC’s advisory at the time.

Then in March 2024, the SEC said it had asked the National Telecommunications Commission to block access to the Binance website and related webpages. Following that order, internet providers in the Philippines began restricting access to the platform.

By the time Cointelegraph published its interview, Binance’s platform was accessible to users in the Philippines. That accessibility now appears tied to the BlockShoals arrangement and the assertion that trading-related activities can be handled under the SEC’s CASP and StratBox framework, while peso transfers and other BSP-regulated functions remain outside the scope of what the companies are doing.

Readers should watch how regulators operationalize these jurisdictional boundaries: whether the arrangement remains limited to trading access routed through SEC-supervised structures, and whether any expansion into payment-adjacent or custody-like functions triggers new licensing or enforcement actions from the BSP and SEC.