Binance Ceases Singapore Offerings Following MAS’ Investor Alert

Binance Ceases Singapore Offerings Following MAS’ Investor Alert

by September 6, 2021

Singaporean crypto exchange platform Binance announced in a blog post that it will cease to offer certain product and service offerings several days after the Monetary Authority of Singapore added the company to its investor alert list.

The company said that it will stop offering SGD trading pairs and payment options from this Friday onwards.

Additionally, it will be removing its app from Singapore’s iOs and Google Play stores. Binance will also halt the operation of its official Telegram as well as online communication channels in Singapore.

Binance has advised its users to complete all related P2P trades and remove related trade advertisements by Thursday to avoid potential trading disputes.

According to crypto exchange, there will be no service changes on its Singapore entity as this decision involves

The company said in a statement,

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”

Binance has yet to obtain a license to provide digital payment token (DPT) services under Singapore’s Payment Services Act to continue operating in the country.

The firm had recently appointed Richard Teng, former CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as its Chief Executive Officer in an attempt to get ahead its regulatory woes.

Several regulators worldwide has issued warning against the crypto exchange for operating illegally. The Malaysian Securities Commission announced that it has taken a step further to take enforcement actions against Binance.