Binance Rolls Back Product Offerings In Singapore Amid Regulatory Warning
Binance, an international cryptocurrency exchange, said on Sunday that it would reduce product lines in Singapore in response to financial authorities’ concerns that the firm may have breached payment rules. Singaporeans will no longer be permitted to trade cryptocurrencies or accept money denominated in the Singapore dollar (SGD), as of September 9, as per a blog post published on Sunday.
The Binance mobile app will indeed be deleted from the Apple and Google Play platforms serving Singapore. Any SGD trading pairs will be deleted at 04:00 UTC on September 9, according to the exchange, and users are urged to finish all peer-to-peer transactions 24 hours ahead of time of the cutoff. Binance’s move to suspend some product offers comes only days after the Monetary Authority of Singapore (MAS), informed the exchange that it may be in violation of the nation’s Payment Services Act.
Binance was added to the regulator’s investor warning notice on September 1. The list contains “unregulated individuals who may have been mistakenly regarded as authorized or regulated by MAS based on the data collected by MAS.”
Binance is under fire from financial regulators across the globe for purportedly refusal to adhere with local laws, such as offering exchange facilities without the necessary licenses. This summer, Japan, Germany, the United Kingdom, and the Canadian province of Ontario all imposed restrictions on Binance exchange offers.
— Binance (@binance) September 5, 2021
In recent times, South Africa’s financial authority issued a warning to its people that Binance is not permitted to function in the nation. The regulatory reaction seems to have focused spotlight on Binance US, which runs as a distinct legal entity from the worldwide exchange.
As a consequence, investors are said to have withdrawn from a $100 million financing round for the US exchange. Brian Brooks, the CEO of Binance US, may have resigned after only three months on the job due to the unsuccessful fundraising round.
Despite the unfavorable regulatory scrutiny, Binance’s worldwide exchange conducts the most transactions of any platform. As per CoinGecko, Binance’s trading volume on Sunday was slightly more than $24 billion.