Binance, the cryptocurrency exchange, has reported that it will stop operating in Singapore this week after the central bank of that country included it on its special watch list for providing payment services without having the corresponding authorization.
In a statement published this week, Binance has detailed that starting at dawn on Friday the application will be removed from the Google (Google Play) and Apple (App Store) application stores.
The company has indicated that the objective is to comply with “local regulations”, so that from Friday neither will be able to make payments in Singapore dollars nor carry out market operations (‘trading’) with pairs that include the local currency .
Binance has asked investors and users to complete all their trades on Thursday of this week in order to avoid derivative problems.
In any case, Binance has recalled that cryptocurrency trading “is subject to high market risk”, so it will not be responsible for any loss derived from operating with said assets.
The company stressed that its objective “is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments in our industry’s regulatory framework as they present opportunities for market players to have greater collaboration with regulators.
Binance is facing 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 have already cracked down on Binance exchange offerings this summer. Furthermore, South Africa’s financial regulator has warned its citizens that Binance is not authorized to operate in the country.
Binance is a cryptocurrency exchange platform that allows you to trade more than 100 digital assets. Since 2018, it has been considered the cryptocurrency exchange platform with the largest commercial volume in the world.