Singapore stopped services such as flat deposits, cryptocurrency trading, and buying of cryptocurrencies through authorized channels on Binance.com. As a result, Binance restricts its services in the country.
The major exchange operator postpones all Singapore dollar-based services.
On Monday, Binance noted that, as the leader of the market, it regularly assesses its products and services. They are limiting Singapore users in line with the regulated payment services.
The Binance team released a statement through its website. It states that they will be constraining Singapore users to use the platform’s regulated payment services.
On September 5, Binance.com said that they will be removing the mobile app from Singapore’s IOS App Store and Android Google Play Stores. This is for the reason that it would stop Singapore dollar trading pairs and payment options.
October 26th is the effective date of the new restrictions. In addition, the exchange encouraged all users in Singapore to stop all related exchanges. Moreover, to take back assets authorized, and redeem tokens by October 26, 2021, to shun possible trading disagreements.
Compliance First
Binance once dreamed of sustaining all local fiats. But now, it is globally limiting its services with effect. This includes, offering futures, options, and leveraged tokens to crypto traders in Australia as of December 23.
While the cryptocurrency trading platform restricted its services in Singapore, the operation will remain under the local entity of Binance.sg. A licensed applies for the local subsidiary of Binance under Singapore’s Payment Services Act. The platform still operates with an exemption given by the Monetary Authority of Singapore (MAS).
An Investor Alert List recently adds Binance.com causing the exchange to reconsider its services in the country. The Investor Alert List is a list of unregulated individuals mistakenly alleged to be controlled by MAS. The list is based on what MAS was aware of at the time it was published and is not comprehensive.
Different Local Entity
For a specific duration, Binance is still offering its services in the city through the local platform Binance.sg. A Binance spokesperson stated that Binance.sg runs in Singapore through its local executive and management team. Vertex Venture Holdings support the platform and focuses on the Singapore cryptocurrency ecosystem’s growth.
A week after the crypto exchange hired Richard Teng, a financial industry veteran, as the Singapore unit’s Chief Executive Officer (CEO), the regulator’s move came.
Binance’s issues with the regulators started during the first quarter of this year. This is because of warnings against alleged illegal exchange operations and guidelines security cracks. The first regulator to call out Binance, the UK’s FCA, stated that the British entity of the exchange has become cooperative. As has been noted, the entity cannot supervise the crypto exchange.
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