Cryptocurrency exchange Binance has announced that it will cease
offering trading pairs and payment options in Singapore dollars to
remain compliant with the country’s regulators. The announcement
followed a notice issued by the Monetary Authority of Singapore (MAS)
stating that Binance “may be in breach of the Payment Services Act.”
Binance Complying With Singapore’s Regulations
Crypto exchange Binance announced Sunday changes to its services in
Singapore. The company wrote that “to remain compliant with local
regulators,” it will cease offering “SGD trading pairs” and “SGD payment
options” on Friday, Sept. 10.
Binance will also remove its app from Singapore iOS and Google Play
stores. SGD trading pairs will also be removed from Binance P2P Friday.
The exchange further advised users to complete all related P2P trades
and remove all related advertisements by Sept. 9 “to avoid potential
trading disputes.” Moreover, Binance clarified that it is not operating
any official Telegram or online communication channels in Singapore.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance commented, elaborating:
Binance welcomes developments to our industry’s
regulatory framework as they pose opportunities for the market players
to have greater collaboration with the regulators.
The announcement to cease trading in Singapore dollars followed a notice by Singapore’s central bank, the Monetary Authority of Singapore (MAS), which oversees the crypto industry in the country.
MAS said Thursday that it had “reviewed Binance.com’s operations and
is of the view that Binance, the operator of Binance.com, may be in
breach of the Payment Services Act.” The central bank added that
“Binance is required to cease providing payment services … to Singapore
residents and cease soliciting such business from Singapore residents.”
Last week, Binance said it hired
Richard Teng, former CEO of the Financial Services Regulatory Authority
at Abu Dhabi Global Market (ADGM) as the new CEO for its operations in
Singapore. Binance aims to become “a leader in regulatory compliance” as
it pivots into a financial services company.
The global crypto exchange recently became the focus of many other
regulators worldwide, including those in the U.K., Netherlands,
Thailand, Malaysia, Japan, Germany, Hong Kong, Lithuania, and South
Africa. They claimed Binance had been operating without authorization in
their jurisdictions.
source link : https://news.bitcoin.com/crypto-exchange-binance-ceases-trading-in-singapore-dollars-to-comply-with-regulations/
