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Binance was hit with another another regulatory hammer as the country’s Central Bank placed the exchange on a “Investor Alert List.” Binance was instructed by the Central Bank to stop soliciting trades for Singapore residents.
As per Binance’s official post,
“As Binance constantly evaluates its product and service offerings to remain compliant with local regulations, we will cease the following products and offerings in Singapore on Friday, 2021-09-10 04:00 AM UTC (12:00 PM UTC+8).
-SGD trading pairs
-SGD payment options
-Removal of the App from Singapore iOs and Google Play stores”
Binance’s peer-to-peer [P2P] trading will also come to a halt, as the exchange plans to withdraw SGD trading pairs on Friday, September 10th. It has directed its customers to finish all P2P trades and remove relevant trade advertising by Thursday.
Binance also stated that “consumer protection is crucial to all of us,” and that the company was “prepared to assist regulators from around the world, and collectively discover the ideal approach to set a level playing field.” Furthermore, the exchange stated that it did not have any official Telegram or internet communication channels in the country.
As per reports, the abovementioned changes will take effect for Binance.com, but will not cause any changes to Binance.sg, its Singapore operations.
Binance Asia Services, the company that runs Binance.sg, had recently applied for a licence. According to the Monetary Authority of Singapore, it is currently excluded from obtaining a licence to provide digital payment token services. The application is still being considered.