Global cryptocurrency exchange Binance announced on Sunday that it will reverse product offerings in Singapore amid warnings from financial regulators that the company may have violated payments laws.
As of September 9, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in Singapore dollars. better known as SGD, according to a Sunday blog post. The Binance mobile app will also be removed from Singapore’s Apple and Google Play stores.
The exchange said that all SGD trading pairs will be removed at 04:00 UTC on September 9, and users are advised to complete all peer-to-peer trades 24 hours before the deadline.
Changes to #Binance Offerings in Singaporehttps: //t.co/oKsgb8VFta
– Binance (@binance) September 5, 2021
Binance’s decision to stop certain product offerings came just days after the Monetary Authority of Singapore, or MAS, warn that the exchange may violate the country’s Payment Services Law. Binance first appeared on the regulator’s investor alert list on September 1. The list includes “unregulated persons who, according to the information received by MAS, may have been wrongly perceived as authorized or regulated by MAS.”
Binance faces agitation from financial authorities around the world for allegedly failing to comply with local regulations, such as providing exchange services without receiving proper licenses.. Japan, Germany, the United Kingdom and the Canadian province of Ontario cracked down on Binance exchange offerings this summer. Recently, South Africa’s financial regulator warned its citizens that Binance is not authorized to operate in the country.
The regulatory backlash appears to have drawn negative attention to Binance US, which operates as a separate legal entity like the global exchange. As a result, Investors have pulled out of a $ 100 million funding round for the US exchange.The failed funding round may have led to Brian Brooks resigning as CEO of Binance US after just three months at the helm.
Despite negative regulatory attention, the Binance global exchange processes more trades than any other platform. On Sunday, Binance’s trading volumes were reported at just over $ 24 billion, according to CoinMarketCap.