NEWS | BlockShoals Technologies is the local company now bringing Binance back to the Philippines. It just joined FinTech Alliance PH, a group whose members handle more than 95 percent of the country's digital money transactions. The goal is to look like a safe, government approved crypto company that Filipinos can trust.
But there's history here. The Philippines banned Binance back in 2024 for operating without a license. Before that, Binance had already paid a massive 4.3 billion dollar fine in the US for breaking anti money laundering laws. Now, local reports say BlockShoals is majority owned by a company called MNM Capital, and the people behind it are connected to businesses tied to former House Speaker Martin Romualdez, who is currently under fire in the ongoing flood control corruption scandal. A person close to BlockShoals says Romualdez has no direct ownership in the company.
Here's the problem. BlockShoals calls itself the most trustworthy crypto company in the country, yet the exact question people keep asking is who is really behind it. Even a well known Filipino fintech founder has publicly asked how deep these connections actually run.
Regulation is supposed to mean safety for regular users. But if nobody can clearly say who is profiting from a platform, that safety is just a label, not something people can actually check for themselves.
Filipinos are being told to trust BlockShoals with their money while the people really benefiting from it stay in the shadows. Who is actually cashing in here, and why is nobody forcing them to answer?
Editorial Note: This article was independently researched and written by Banana Media Network using publicly available information.
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