The cryptocurrency exchange Binance has announced that it will no longer offer trading pairs and payment options in Singapore dollars in order to comply with the country’s regulations. The announcement followed a notice from the Monetary Authority of Singapore (MAS) that Binance “may be in violation of the Payment Services Act.”
Binance complies with Singapore regulations
The crypto exchange Binance announced changes to its services in Singapore on Sunday. The company wrote that it will no longer offer “SGD trading pairs” and “SGD payment options” on Friday, September 10th, in order to “stay in compliance with local regulators.”
Binance will also be removing its app from the iOS and Google Play stores in Singapore. SGD trading pairs will also be removed from Binance P2P on Friday.
The exchange also advised users to complete all related P2P deals and remove all related ads by September 9 “to avoid potential trade disputes.” In addition, Binance made it clear that it does not operate any official telegram or online communication channels in Singapore.
“Our goal is to create a sustainable ecosystem around blockchain technology and digital assets,” commented Binance and stated:
Binance welcomes developments in the regulatory framework of our industry as they provide opportunities for market participants to better collaborate with regulators.
The announcement to cease trading in Singapore dollars followed a notice from Singapore’s central bank, the Monetary Authority of Singapore (MAS), which oversees the country’s crypto industry.
MAS announced Thursday that it has “reviewed the operations of Binance.com and believes that Binance, the operator of Binance.com, may be in violation of the Payment Services Act.” The central bank added that “Binance is required to cease providing payment services … to Singapore residents and to stop soliciting such transactions from Singapore residents.”
Last week, Binance announced that it had hired Richard Teng, the former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), as the new CEO for its Singapore operations. Binance aims to become “a leader in regulatory compliance” while becoming a financial services company.
The global crypto exchange has recently become the focus of many other regulators around the world, including the UK, the Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, Lithuania and South Africa. They claimed Binance operated in their jurisdictions without authorization.
What do you think of Binance’s suspension of Singapore dollar trading? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.