HomeCoinsBitcoin (BTC)Crypto Exchange Binance Ceases Trading in Singapore Dollars to Comply With Regulations...

Crypto Exchange Binance Ceases Trading in Singapore Dollars to Comply With Regulations – Regulation Bitcoin News

- Advertisement -


Cryptocurrency exchange Binance has announced that it will cease offering trading pairs and payment options in Singapore dollars to remain compliant with the country’s regulators. The announcement followed a notice issued by the Monetary Authority of Singapore (MAS) stating that Binance “may be in breach of the Payment Services Act.”

Binance Complying With Singapore’s Regulations

Crypto exchange Binance announced Sunday changes to its services in Singapore. The company wrote that “to remain compliant with local regulators,” it will cease offering “SGD trading pairs” and “SGD payment options” on Friday, Sept. 10.

Binance will also remove its app from Singapore iOS and Google Play stores. SGD trading pairs will also be removed from Binance P2P Friday.

The exchange further advised users to complete all related P2P trades and remove all related advertisements by Sept. 9 “to avoid potential trading disputes.” Moreover, Binance clarified that it is not operating any official Telegram or online communication channels in Singapore.

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance commented, elaborating:

Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.

The announcement to cease trading in Singapore dollars followed a notice by Singapore’s central bank, the Monetary Authority of Singapore (MAS), which oversees the crypto industry in the country.

MAS said Thursday that it had “reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act.” The central bank added that “Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.”

Last week, Binance said it hired Richard Teng, former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM) as the new CEO for its operations in Singapore. Binance aims to become “a leader in regulatory compliance” as it pivots into a financial services company.

The global crypto exchange recently became the focus of many other regulators worldwide, including those in the U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, Lithuania, and South Africa. They claimed Binance had been operating without authorization in their jurisdictions.

What do you think about Binance ceasing trading in Singapore dollars? Let us know in the comments section below.

Tags in this story
Binance, binance breach law, binance complant, binance mas, binance regulation, binance singapore, binance violation, binance warning, crypto exchange, Cryptocurrency Exchange, MAS

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,523FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 64,039.00
ethereum
Ethereum (ETH) $ 4,615.39
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 658.31
litecoin
Litecoin (LTC) $ 261.39
eos
EOS (EOS) $ 4.88
okb
OKB (OKB) $ 26.69
tezos
Tezos (XTZ) $ 5.78
leo-token
LEO Token (LEO) $ 3.12
cardano
Cardano (ADA) $ 2.02
monero
Monero (XMR) $ 259.23
stellar
Stellar (XLM) $ 0.37665
chainlink
Chainlink (LINK) $ 33.63
huobi-token
Huobi Token (HT) $ 9.82
tron
TRON (TRX) $ 0.107696
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 220.65
neo
NEO (NEO) $ 46.98
iota
IOTA (MIOTA) $ 1.29
nem
NEM (XEM) $ 0.190704
zcash
Zcash (ZEC) $ 198.43
maker
Maker (MKR) $ 2,893.20
paxos-standard
Pax Dollar (USDP) $ 0.999559
ethereum-classic
Ethereum Classic (ETC) $ 55.18
vechain
VeChain (VET) $ 0.158221
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 57.29
kucoin-shares
KuCoin Token (KCS) $ 22.01
waves
Waves (WAVES) $ 23.65