Operating as a leading cryptocurrency exchange cluster supporting a token pool, Binance has decided to restrict some of its products to Singapore in response to the investor alert issued by the Monetary Authority of Singapore.
Singapore’s financial watchdog pointed out in its recent list of investor alerts that the popular cryptocurrency exchange may have violated the guidelines of Singapore’s Payment Services Act. The Binance team announced via a blog post that it will cease providing access to the following products in Singapore as of September 10, 2021, at 4:00 UTC (12:00 UTC + 8):
- Singapore Dollar (SGD) Trading Pairs
- Singapore dollar (SGD) payment options
The list published by the MAS showed that the crypto company was unregulated and could have been falsely recognized as regulated by the MAS. Binance revealed that the exchange will remove its official iOS app from Singapore and the Google Play Store in its announcement. The team urged clients to end their P2P trading activities and remove affected commercial advertisements by September 9, 2021 at 4:00 UTC (12:00 UTC + 8) to benefit from transparent services. The exchange does not operate any Telegram channel or communication portal in Singapore.
Singapore government authorities are taking serious action to pull the strings of cryptocurrency. The emphasis is on compliance with legal regulations by exchange platforms. The UK’s Financial Conduct Authority said Binance followed the protocol but did not answer some introductory questions. In response to the growing scrutiny, Binance decided to improve its legal compliance strategy by acquiring a license from regulators.
The exchange’s native token, BNB, has shown a consistent positive trend in the market space despite regulatory pressure, according to reports on Binance Reviews through cryptographic portals. The currency managed to move upward, keeping its position intact. The recent move by the Binance exchange is likely to hit the crypto market in Singapore severely, forcing investors to look for secondary options present in the industry.