CZ-owned cryptocurrency exchange, Binance, has announced that it would no longer offer trading pairs and payment options in Singapore dollars, in compliance with regulations of the Asian country. This was revealed via a press statement released by the exchange on September 6.
According to the statement, the embattled crypto exchange noted that it would no longer be able to offer “SGD trading pairs” and “SGD payment options” to its users in the country. The exchange continued that it would also be removing its application on Singapore iOS and also Google Play Store effective September 10 while also highlighting that it has no official communication line open in the country.
The exchange went on to advise users to complete all trading on its platform before the deadline so as to “avoid potential trading disputes.”
Foremost financial regulator in the country, the Monetary Authority of Singapore (MAS), had issued Binance a notice that it”may be in breach of the Payment Services Act.” It added that “Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.”
Thus, the action taken by the exchange is inline with its earlier commitment towards being “compliant with local regulations.” Per its press release, the exchange wrote that its “aim is to create a sustainable ecosystem around blockchain technology and digital assets.”
You will recall that Binance has been taking steps to become more regulatory compliant. Just recently, it appointed the former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), Richard Teng, as its new CEO in order to help it with its regulatory battles.