Global cryptocurrency exchange Binance announced on Sunday that it would cancel product offerings in Singapore amid warnings from financial regulators that the company may have broken payments laws.
As of September 9, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in Singapore dollars, better known as SGD, according to to a Sunday blog post. The Binance mobile app will also be removed from Singapore’s Apple and Google Play stores.
The exchange noted all SGD trading pairs will be deleted at 04:00 UTC on September 9, with users encouraged to complete all peer-to-peer trades 24 hours before the deadline.
– Binance (@binance) September 5, 2021
Binance’s decision to suspend certain product offerings came just days after the Monetary Authority of Singapore, or MAS, warned that the exchange could violate the country’s payment services law. Binance first appeared on the regulator’s investor alert list on September 1. The list includes “unregulated persons who, based on information received by MAS, may have been wrongly perceived to be licensed or regulated by MAS”.
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Binance faces upheaval from financial authorities around the world for allegedly failing to comply with local regulations, such as providing exchange services without receiving the proper licenses. Japan, Germany, the UK and the Canadian province of Ontario have all cracked down on Binance’s exchange offers this summer. More recently, the South African financial regulator warned its citizens that Binance was not authorized to operate in the country.
The regulatory backlash appears to have drawn negative attention to Binance US, which operates as a separate legal entity as a global exchange. As a result, investors are said to have pulled out of a $ 100 million round of funding for the US stock market. The failed fundraising cycle may have prompted Brian Brooks to step down as CEO of Binance US after just three months at the helm.
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Despite negative regulatory attention, Binance’s global exchange handles more transactions than any other platform. On Sunday, trading volumes for Binance were reported at just over $ 24 billion, according to CoinMarketCap.