As per the latest reports, Binance, the largest cryptocurrency exchange in the world, has made an announcement about limiting one of its products. The exchange has announced that it has come to the conclusion of rolling back its offerings for products in the Singapore markets.
The exchange has announced that it has made this decision following concerns from the regulatory authorities in Singapore. The exchange has revealed that according to the Singaporean regulators, Binance is involved in Singapore’s payments laws violations.
In the light of the above concerns raised by the regulators from Singapore, it has decided to proceed with product offerings roll back in the country. Binance reportedly made the announcement in regards to revoking its product offerings in Singapore o Sunday, September 5, 2021.
The exchange has announced that starting from Thursday, September 9, 2021, the exchange users based in Singapore will be unable to trade in cryptocurrencies. Furthermore, Binance has confirmed that its users will no longer be able to receive payments in SGD, which is Singapore dollars.
The announcement has been reportedly made by Binance on Sunday, September 5, 2021, through its blogpost. Binance has announced that it will also be proceeding with removing its applications from the different application stores. As per Binance, the Google Play and Apple stores in Singapore will no longer have the application for Binance available through their platforms.
According to Binance, the trading pairs for the Singapore dollar will be removed from the platform on September 9, 2021. Binance has also confirmed that the particular pair will be removed from the platform at 04:00 UTC. Binance has also intimated the users to perform peer-to-peer trades, 24-hours ahead of the deadline.
The decision in regards to the withdrawal of Binance’s cryptocurrency-related services from Singapore took place following pressure from the regulatory authorities. Just recently, it was the regulatory authority from Singapore that raised its concerns over Binance’s operations in the country.
The particular regulatory authority that raised concerns over Binance operating illegally in Singapore is known as the Monetary Authority of Singapore (MAS). The authority raised concerns that the exchange might be involved in breaching the Payment Services Act of Singapore.
Therefore, Binance ended up appearing on the investor alert list of the MAS back on Wednesday, September 1, 2021. The list has been readied by the MAS for persons or entities that are operating unregulated in the country. The MAS gathers all necessary information on the matter to find establish the legitimacy of the person or platform in question.
Later on, the regulatory authority proceeds with going after such entities that tend to impersonate as regulated and licensed firms in the country.