The biggest cryptocurrency exchange, Binance, is to stop its services in Singapore, after financial watchdogs warned the company it had broken payments laws. From September 9, products and offerings in Singapore, such as trading pairs and payment options, will be discontinued. Users have been advised to complete all P2P transactions 24 hours before the deadline, as they will never be used as a payment option again. Binance will also be removing its apps on iOS and Singapore’s Google Play Store.
The Singapore Monetary Authority (MAS) has warned that Binance could violate the country’s Payment Services Act (PSA). Binance has not applied for a license under local regulations. The MAS therefore included Binance on its investor alert list and warned the public that the exchange is neither regulated nor licensed to provide payment services in the country.
Singapore joins the list of countries around the world, such as Hong Kong, Japan, Germany, the United Kingdom and the Canadian province of Ontario, to crack down on Binance. The warnings left a negative impression on Binance US, a separate legal entity, which reported that investors withdrew from a $ 100 million fundraising round for the US stock exchange.
Despite regulatory backlash, Binance Coin’s price (BNB / USD) showed resilience, even after the news broke. Binance continues to process more transactions than any other crypto exchange. The crypto exchange company has formulated strategies and worked closely with financial regulators around the world, to strengthen its compliance protocol.