Binance Removes Singapore Products From Main Platform After Regulator Warning

HONG KONG, Sept.6 (Reuters) – Embattled Binance, one of the world’s largest cryptocurrency exchanges, announced it would restrict its services to Singapore days after the city-state’s central bank said that it should stop offering payment services.

The Monetary Authority of Singapore has become the latest regulator to take on Binance, warning last week that its global platform Binance.com could be breaking the law by providing payment services to residents of Singapore without a proper license. .

Binance.com will stop offering Singapore dollar payment options and Singapore dollar trade pairs from September 10 and the app will be removed from iOs and Google Play stores in Singapore, he said. in an article published on its website.

The restrictions only apply to Binance’s global platform and not its Singapore platform, which Changpeng Zhao, the company’s chief executive, has urged users to switch to.

Crypto exchanges like Binance, which previously could serve almost every market in the world through a single platform, are now increasingly meeting resistance from local regulators.

In recent months, regulators in the UK, Italy and Hong Kong have said that Binance units are not allowed to conduct certain activities in their markets, while the Malaysian financial regulator has berated the exchange for operating illegally in the country. Bloomberg also reported earlier this year that Binance is under investigation by the US Department of Justice and the Internal Revenue Service.

Zhao said last month that he wanted to improve relations with regulators. Read more

Reporting by Alun John; Editing by Edwina Gibbs

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