Binance, the world’s largest cryptocurrency exchange by trading volume, will cease support for trading pairs denominated in the Singapore dollar (SGD) on September 10.
Additionally, the website’s SGD payment options will be removed. the corporation will remove its application from Singapore‘s Google Play and App Store stores.
The Monetary Authority of Singapore (MAS) demanded earlier this week that the crypto behemoth cease providing payment services in order to avoid breaking local rules. It remains to be seen whether the company’s decision to discontinue certain offerings in the country would satisfy the regulator.
Binance ceased trading in Norwegian krone in late August. Additionally, the exchange’s website no longer supports the Norwegian language.
Binance found itself in hot water earlier this year, with regulators from all around the world focusing their attention on the leading exchange. The regulatory environment has compelled the world’s largest cryptocurrency corporation to take a proactive approach to compliance.
This month Binance has been told by Singapore’s Monetary Authority (MAS) to discontinue providing payment services in Singapore and to quit seeking business from Singapore residents.
The regulator has conducted an examination of Binance.com’s operations and concluded that the website’s operator, Binance, “may be in violation of the Payment Services Act for carrying on the business of providing payment services to, and soliciting such business from, Singapore residents without an appropriate license,” a spokesman for the regulator said in response to media inquiries.
Additionally, the regulator placed Binance.com on its Investor Alert List yesterday to alert Singapore consumers that Binance is neither regulated or licensed to conduct payment services in Singapore.
Wallets