Binance Withdraws its Crypto Service from Singapore

Binance, a popular cryptocurrency exchange, is gradually dismantling its massive global following. To comply with Singapore’s regulatory body, it has declared that it will only offer Singapore dollar trading pairs and payment options. The software was also removed from the Singapore iOs and Google Play shops, according to the platform.

The exchange was described in detail in an official blog post.

“On Friday, September 10th, 2021, at 4:00 a.m. UTC (noon UTC+8), Binance P2P will discontinue SGD trading pairings. To minimize potential trading disputes, users are urged to complete all associated P2P trades and delete linked trade advertising by Thursday, 2021-09-09 04:00 AM UTC (noon UTC+8).”

 

The major goal of the move, according to Binance, is to build a long-term ecosystem around blockchain technology and digital assets. It went on to say, “In addition

“Binance applauds changes to our industry’s regulatory structure because they provide chances for market participants to collaborate more closely with authorities. We are dedicated to contributing constructively to policymaking that benefits all users.”

Singapore regulators place a hold on Binance

Japan, Germany, the United Kingdom, and Canada are among the countries that have imposed restrictions on the exchange this year. South Africa’s finance regulator recently added to the expanding list, notifying residents that the site is not permitted to function in the country.

The newest development comes after the CZ-led exchange was placed on the Singapore Monetary Authority’s investor alert list. The regulator issued a warning to the cryptocurrency behemoth last week, claiming that its global platform may be breaching the law by providing payment services to Singapore residents without the necessary license.

The Singaporean central bank and financial regulator, MAS, only listed “www.binance.com” on its investor alert list, which contains a list of uncontrolled firms that may have been mistakenly perceived as regulated or licensed by the watchdog.

Richard Teng, the former chief regulatory officer of the Singapore Stock Exchange, had been named CEO of Binance Singapore just two weeks prior. Teng had also served as director of corporate finance at the Singapore Monetary Authority for more than a decade. It’s also worth noting that the Binance Singapore website, Binance. sg was not included on the investor alert list. The two exchanges are separate, according to a spokeswoman, and Binance. sg operates in the country with its local executive and management team.

Movine Oduor