Binance is terminating some services in Singapore, including fiat deposit services and spot trading of cryptocurrencies, to comply with the country’s regulations. The exchange has actually currently stopped trading in Singapore dollars.
Binance Scaling Down Services in Singapore
Cryptocurrency exchange Binance announced Monday some changes to its offerings in Singapore. The company wrote:
With result from 2021-10-26 04:00 AM UTC (12:00 PM UTC+8), users in Singapore will not be able to gain access to specific functions on Binance.com consisting of fiat deposit services, area trading of cryptocurrencies, the purchase of cryptocurrencies through fiat channels and liquid swap (‘Regulated Payments Services’).
The announcement adds that “Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens” by the deadline “to avoid potential trading disputes.”
Binance Singapore has actually been going through modifications because the Monetary Authority of Singapore (MAS), the nation’s reserve bank that supervises the crypto sector, released an alerting about Binance. The central bank wrote: “MAS has reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act … Binance is required to cease providing payment services to Singapore residents and cease soliciting such business from Singapore residents.”
The exchange consequently stopped trading in Singapore dollars to abide by regional laws and eliminated its app from the Singapore iOS and Google Play shops.
In August, Binance Singapore appointed a CEO with many years of compliance background. Richard Teng was formerly CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).
Meanwhile, Binance has actually been greatly inspected by regulators worldwide, consisting of those in the U.K., Netherlands, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy, and Canada. U.S. authorities are likewise examining Binance for possible market control and expert trading.
