7 Sept 2021
Binance to Stop Crypto Products and Services in Singapore
The Index Today
Binance has announced it will no longer offer its products in Singapore dollars and will shut down all online communication operations by Friday. This came into effect after regulators gave warning to the cryptocurrency exchange company earlier.
The company has also stated that it will cancel all trading and payment options in Singapore dollars along with cryptocurrency pairs. Singapore’s Apple and Google pay stores will no longer give customers the options to download the application including the Telegram channel and other communication channels. Current users have been informed to complete all their trades in Singapore dollars by Thursday.
Singaporean regulators have put Binance on the investor alert list which helps give people information about unregulated platforms which were previously assumed regulated by the Monetary Authority.
Binance released a statement saying, “Binance welcomes developments to our industry’s regulatory framework, as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”
The company has been ranked as the biggest crypto exchange in terms of trading volume according to CoinGecko. Previously, the company was given an exemption to operate its services in Singapore as long as they were being regulated by local authorities which ensure consumer protection and anti-money laundering. Binance is currently working towards improving its operations to comply with regulators across the globe.
However, Singapore is not the only country to issue warnings to Binance. Other countries following the lead include Thailand, Italy, Japan, UK and Canada.