Binance Limited Its Operations in Singapore. What Is the Reason?
Cryptocurrency exchange Binance announced that it stops product offerings in Singapore due to warnings from financial regulators about a possible violation of payment laws by the exchange.
Singaporeans will no longer be able to trade cryptocurrencies or receive payments in Singapore dollars (SGD) as of September 9, according to the announcement. The Binance mobile app will also no longer be available on Apple and Google Play for Singaporeans.
In addition, all SGD trading pairs will be removed at 04:00 UTC on September 9th. All peer-to-peer transactions must be completed 24 hours before the deadline.
This decision was made by Binance after the Monetary Authority of Singapore (MAS) issued a warning that the exchange may violate the country’s Payment Services Law.