Cryptocurrency exchange Binance has announced that it will cease offering trading pairs and payment options in Singapore dollars to remain compliant with the country’s regulators. The announcement followed a notice issued by the Monetary Authority of Singapore (MAS) stating that Binance “may be in breach of the Payment Services Act.”
Binance Complying With Singapore’s Regulations
Crypto exchange Binance announced Sunday changes to its services in Singapore. The company wrote that “to remain compliant with local regulators,” it will cease offering “SGD trading pairs” and “SGD payment options” on Friday, Sept. 10.
Binance will also remove its app from Singapore iOS and Google Play stores. SGD trading pairs will also be removed from Binance P2P Friday.
The exchange further advised users to complete all related P2P trades and remove all related advertisements by Sept. 9 “to avoid potential trading disputes.” Moreover, Binance clarified that it is not operating any official Telegram or online communication channels in Singapore.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance commented, elaborating:
Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.
The announcement to cease trading in Singapore dollars followed a notice by Singapore’s central bank, the Monetary Authority of Singapore (MAS), which oversees the crypto industry in the country.
MAS said Thursday that it had “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.” The central bank added that “Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.”
Last week, Binance said it hired Richard Teng, former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as the new CEO for its operations in Singapore. Binance aims to become “a leader in regulatory compliance” as it pivots into a financial services company.
The global crypto exchange recently became the focus of many other regulators worldwide, including those in the U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, Lithuania, and South Africa. They claimed Binance had been operating without authorization in their jurisdictions.
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