Binance global cryptocurrency exchange stated on Sunday that its Singaporean users will no longer be able to trade or receive payments in the Singapore dollar (SGD).
According to a Sunday blog post, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in the Singapore dollar, also known as SGD. Binance’s mobile app will also be withdrawn from the Apple and Google Play stores in Singapore.
All SGD trading pairs will be withdrawn at 04:00 UTC on September 9, according to the exchange, and users are encouraged to finish all peer-to-peer trades 24 hours ahead of the deadline.
Binance’s move to cease certain product offers came only days after Singapore’s Monetary Authority, or MAS, warned that the exchange might be violating the country’s Payment Services Act.
On September 1, Binance was added to the regulator’s investor alert list for the first time. “Unregulated persons who, based on information obtained by MAS, may have been incorrectly interpreted as being licensed or regulated by MAS,” according to the list.
Binance is being chastised by financial regulators all over the world for allegedly breaking local legislation, such as providing exchange services without the necessary permits.
This summer, Japan, Germany, the United Kingdom, and the Canadian province of Ontario all took action against Binance exchange offerings. South Africa’s finance regulator has issued a warning to its citizens that Binance is not permitted to operate in the country.
Binance US, which operates as a separate legal organization from the global exchange, appears to have drawn negative attention as a result of the regulatory pushback.
As a result, investors are said to have withdrawn from a $100 million investment round for the US exchange. Brian Brooks, who had only been CEO of Binance for three months, may have resigned because of the unsuccessful investment round.
Binance’s worldwide exchange handles more trades than any other platform, despite the unfavourable regulatory attention. According to CoinMarketCap, transaction volumes for Binance were a little over $24 billion on Sunday.
