The global cryptocurrency exchange Binance announced on Sunday that it would be scaling back its product offering in Singapore after financial regulators warned the company may have violated payment laws.
As of September 9, customers in Singapore will no longer be able to trade cryptocurrencies on the exchange or receive payments in Singapore dollars (SGD), according to a blog post on Sunday. The Binance mobile app is also being removed from the Apple and Google Play stores in Singapore.
The stock exchange said, all trading pairs with the SGD would be removed at 4:00 AM UTC on September 9th, users are advised to complete all peer-to-peer trades 24 hours prior to this deadline.
Changes to #Binance Offerings in Singaporehttps: //t.co/oKsgb8VFta
– Binance (@binance) September 5, 2021
A few days earlier, Singapore’s financial regulator had warned that the stock exchange might violate the country’s payment laws. Binance was blacklisted by the investor regulator on September 1st. The list includes “unregulated persons who, based on information received by the MAS, were mistakenly believed to be licensed or regulated by the MAS”.
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Binance is having trouble with financial authorities around the world because the exchange is said to have failed to comply with local regulations. It is said to have offered stock exchange services without obtaining the appropriate licenses. Japan, Germany, Great Britain and the Canadian province of Ontario all cracked down on Binance stock market offers this summer. Recently, the South African financial regulator warned that Binance does not have a license to operate in the country.
These regulatory setbacks have also had a negative impact on Binance US, despite the fact that the company is a separate legal entity. As a result, investors got out of a $ 100 million round of funding for the US stock market. The failed round of funding led Brian Brooks to step down as head of Binance US just three months after he took the job.
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Despite the tough crackdowns on the part of the regulatory authorities, Binance processes more trades worldwide than any other platform. On Sunday, Binance’s trading volume was just over $ 24 billion, according to CoinMarketCap.