In Brief:
- Binance is restricting its product and service offerings in Singapore
- The announcement comes three days after MAS put exchange on investor alert list
- The exchange does not operate any official Telegram or online communication channel in Singapore.
Binance, an international cryptocurrency exchange, said it will restrict its product and services offerings in Singapore. It also removes the app from Singapore iOs and Google Play Stores.
The announcement followed three days after the Singapore Regulators placed the cryptocurrency exchanges on an Investors Alert List. The company wrote that “to remain compliant with local regulations,” it will cease offering “SGD trading pairs” and “SGD payment options” from Sept 10 Friday.
Binance P2P will remove SGD trading pairs on Sept 10. The exchange advised users to complete all related P2P trades and remove related trade advertisements by Sept 9 “to avoid potential trading disputes.”
Additionally, the exchange highlights that it’s also not operating any official Telegram or online communication channel in Singapore.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance commented. “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.”
The Monetary Authority of Singapore(MAS) said on 2 Sept it had put Binance.com on the investor alert list. However, MAS has not listed the Exchange’s Singapore website i.e, Binance.sg on the investor alert list.
The international crypto-exchange recently became the focus of many other regulators worldwide, including those in the U.K., Italy, Malaysia, Japan.
