Binance.com Limits Offering for Singapore Customers

Sep 5, 2021 | Decrypt News | 0 comments

binance.com-limits-offering-for-singapore-customers

Binance has announced limitations to Singaporean customers three days after the country’s central bank placed the cryptocurrency exchange on an Investor Alert List and ordered the exchange to stop soliciting business from Singapore residents.

From midday Singapore time on Friday, September 10, Binance.com will cease trading pairs with the Singaporean dollar, stop Singaporean payment options and boot the app from Singapore’s iOS and Google Play stores.

Binance advised customers to finish all trades and remove advertisements by midday UTC+8 on Thursday “to avoid potential trading disputes.”

The Monetary Authority of Singapore said on September 2 that it “is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act” and ordered it to stop providing payment services to Singapore residents. Then the MAS added Binance.com on its Investor Alert List.

The MAS has not listed the Singaporean version of Binance’s exchange, Binance.sg, which is operated by Binance Asia Services and remains unaffected by the ban.

Binance operates several subsidiaries companies around the world that offer reduced services to comply with local regulators. The terms of Binance.sg clarify that the site operates “independently and separate from Binance.com,” the main, global version of the exchange, and accounts on Binance.sg are not connected “in any way to accounts on Binance.com.”

Singapore Regulator Places Binance on ‘Investor Alert List’

However, it’s possible to access Binance.com through a VPN, and the exchange only recently started verifying its customers’ identities. Binance.com was added to the Investor Warning List because, “based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.”

Binance Asia Services has applied for a license and is temporarily exempt from one until the application is approved, rejected or withdrawn. Singapore’s Payments Services Act granted would-be-regulated exchanges a grace period before it went into effect in January 2020. 

Singapore is the latest country to crack down on Binance. South Africa, Malaysia, Singapore, the UK, Italy, the Cayman Islands, and Japan have all taken similar positions against Binance over the past few months.

But this warning hits close to home. Changpeng Zhao, Binance’s CEO, lives in Singapore, and many employees live there.

News Source from Decrypt.co

Related Articles

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

Non-fungible token (NFT) assets have taken the world by storm in 2021 and three current projects in the NFT universe have seen sales stretch into the billions. Statistics show that the NFT marketplace Opensea, the blockchain NFT game Axie Infinity, and the digital...

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX is moving some key operations from its long-standing headquarters in Hong Kong to the Bahamas.  FTX Ltd. CEO and founder Sam Bankman-Fried tweeted today that the firm is in the process of moving its headquarters to the Bahamas from Hong Kong. The exchange's...

Pin It on Pinterest

Share This