By
Chimamanda U. Martha
April 25th, 2024
In recent times, Binance has faced regulatory scrutiny from financial regulators around the world with many of them saying that the crypto exchange lacked the authorization to provide its services to their citizens.
On Sunday, September 6, Binance announced that it will be removing some of its digital offerings options services in Singapore. This move was in line with the recent stumbling blocks it hit with the country’s regulatory body which had hinted that the crypto exchange might have breached its “Payment Services Act.”
Per Binance press statement, it would stop offering its users “SGD trading pairs” and “SGD payment options.” Not only that, but it would also be removing its application from Singapore’s iOs and Google Play store. All of this would be done on or before September 10, meaning its users in the Asian country have until September 9 to complete all ongoing transactions on the platform in order “avoid potential trading disputes.”
The CZ-led exchange went on to reveal that it had no official communication channel for Singapore. “Please note we are also not operating any official Telegram or online communication channels in Singapore,” the statement reads in part.
Binance reiterated its commitment towards creating a “sustainable ecosystem around blockchain technology and digital assets” while also highlighting that its current actions are geared towards being compliant with local regulations.
According to a Bloomberg report, this new development affects only Binance.com (the parent company), its Singapore branch, Binance.sg has seen no changes to its services option. The report stated that “Binance Asia Services, which operates Binance.sg, recently submitted a license application and is currently exempted from holding a license for the provision of digital payment token services, according to the Monetary Authority of Singapore. That application remains under review.”
The Bloomberg report continues that “the MAS said on Sept. 2 that Binance may be in breach of the act for carrying on the business of providing payment services to, and soliciting such business from, Singapore residents without an appropriate license. As a result, it was required to cease providing payment services to Singapore residents.”
Binance Regulatory Battles in Singapore and Other Countries
In recent times, Binance has faced regulatory scrutiny from financial regulators around the world with many of them saying that the crypto exchange lacked the authorization to provide its services to their citizens.
A previous report from Coinspeaker stated that “regulators in the US, the UK, Malaysia, and Thailand are also worried about the anti-laundering standards at crypto exchanges. They point out the risks unregulated crypto trading poses to consumers and are calling for improved compliance laws. It is in light of this that Binance discontinued its global stock tokens offering in such nations as well. Other countries to take action against the online exchange include Japan, Poland, and the Cayman Islands.”