The Monetary Authority of Singapore (MAS) has issued notice against the popular crypto-exchange platform. Binance will stop operating in Singapore. Binance intends to align with various country’s cryptocurrency regulations, and it is taking action step-by-step.
Binance had promised its users that it would upgrade its system and services to comply with regulators across the nations in July. After it has suffered numerous bans and criticism for being a site for money laundering and investor at risk, it is showing results.
Binance Ceased Operations to Comply with Singapore Cryptocurrency and Trading Laws
On Sunday, September 5, 2021, Binance posted an announcement on its website that it will bring in certain changes in its services to remain compliant with Singapore cryptocurrency regulations.
Binance declared that it will halt services in the area, such as offering “SGD trading pairs” and “SGD payment options” from Friday, September 10, 2021.
The widely used popular crypto exchange platform will no longer provide any services in Singapore dollars. Along with these, it will withdraw its application from Singapore iOS and Google Play Store.
It will also withdraw SGD trading pairs from Binance P2P by Friday. The crypto-exchange company is supposed to halt all its advertisements, marketing, communications in the country. Binance clarified that it is not operating any media through which communications can be made, including its Telegram Channel.
Binance users shall clarify all their Singapore dollar-based transactions, trading, P2P exchanges by Thursday, September 9, 2021, “to avoid potential trading disputes.”
This announcement came after the Monetary Authority of Singapore (MAS) reviewed the information they had during approval, and they doubted if Binance is a licensed company. Then the regulators put Binance.com on the list of “investor alert” last week, on Thursday.
MAS declared that Binance might be violating “Payment Services Act.” They said that “it must cease providing payment services to Binance users residing in Singapore and cease soliciting such business from them.”
Binance stated in response, “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.”
In efforts to act as they pledged, Binance appointed Richard Teng as the new CEO of Binance. He is the former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).
Also read: Singapore Soon To License Crypto Payments