Binance, a cryptocurrency exchange, announced on Sunday (September 5) that it will stop supplying some products in Singapore after regulators indicated it might violate the country’s Payment Services Act earlier this week.
As of Friday, Binance will no longer offer Singapore dollar trading pairs and payment options, and it will remove its app from the Google Play store. By Thursday, users should finish all linked peer-to-peer deals and delete related trade adverts to minimize potential trading disputes.
In a statement, Binance.com added, “Consumer protection is crucial to all of us.” “We stand ready to work with regulators from around the world to identify the best method to create a level playing field.”
The Financial Authority of Singapore became the most recent regulator to target Binance, warning last week that its international platform, Binance.com, may be breaching the law by providing free services to Singapore residents without a valid license.
This change just impacts Binance.com; no modifications have been made to Binance. sg, the Singapore corporation, according to a Binance spokesman. According to the Monetary Authority of Singapore, Binance Asia Services, which operates Binance. sg, recently submitted a license application and is now exempt from having a license for the provision of digital payment token services (MAS). That application is still being considered.
The MAS claimed on September 2 that Binance may violate the Act for offering payment services to Singapore residents without a license and seeking such business from them. As a result, it was forced to stop providing payment services to the citizens of Singapore. Moreover, Binance stated on Sunday that it does not have an official Telegram channel or online communication channels in Singapore, but it is committed to participating constructively in policymaking “that aims to benefit everyone.”
The limits only apply to Binance’s worldwide platform, not its Singapore platform, which Changpeng Zhao, the company’s chief executive, has invited clients to switch to. Crypto exchanges like Binance, which used to be able to serve almost all markets on the planet through a single platform, are now seeing increasing pushback from local regulators.
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