Operating as a top-tier cryptocurrency exchange cluster supporting a pool of tokens, Binance has decided to restrain some of its products in Singapore in response to the investor alert issued by the Monetary Authority of Singapore.
The financial watchdog of Singapore signaled in its recent investor alert list that the popular cryptocurrency exchange might have breached Singapore’s Payment Services Act guidelines. The Binance team has announced through a blog post that it will stop providing access to the following products in Singapore from September 10, 2021, 4:00 AM UTC (12:00 PM UTC+8):
- Singapore Dollar (SGD) trading pairs
- Singapore Dollar (SGD) payment options
The list released by the MAS reflected that the crypto firm is unregulated and might have been falsely recognized as being regulated by MAS. Binance revealed that the exchange will remove its official app from the Singapore iOS and Google Play Store in its announcement. The team has urged customers to complete their P2P trading activities and remove the concerned trade advertisements by September 9, 2021, 4:00 AM UTC (12:00 PM UTC+8) to avail seamless services. The exchange does not run any Telegram channel or communication portal in Singapore.
The government authorities in Singapore are taking serious steps to pull the strings for cryptocurrencies. Emphasis is being given to ensure compliance of legal regulations by exchange platforms. The Financial Conduct Authority of UK stated that Binance followed the protocol but failed to revert to some introductory questions. In response to the growing scrutiny, Binance has decided to enhance its legal compliance strategy by acquiring license from regulators.
The exchange’s native token, BNB, has shown a consistent positive trend in the market space despite the regulatory pressure, according to the reports on Binance review by crypto portals. The currency managed to move upwards, keeping its position intact. The recent decision by the Binance exchange is likely to hit the crypto market in Singapore severely making investors look for secondary options present in the industry.