Embattled Binance, one of the world’s largest cryptocurrency exchanges, said it would restrict its services in Singapore days after the city’s central bank said it should stop offering payment services.
Singapore’s Monetary Authority has become the last regulator to target Binance, warning last week that its global platform, Binance.com, could be breaking the law by providing payment services to Singapore residents without a proper license.
Binance.com will no longer offer Singapore dollar payment options and Singapore dollar trading pairs as of September 10, and the app will be removed from Singapore’s iOS and Google Play stores, the company said in a post in your site.
The restrictions apply only to Binance’s global platform, not its Singapore platform, to which Changpeng Zhao, the company’s chief executive, has asked users to switch.
Cryptocurrency exchanges like Binance, which once served nearly every market in the world through one platform, are now increasingly facing resistance from local regulators.
In recent months, regulators in Britain, Italy and Hong Kong have said that Binance’s units are not allowed to carry out some activities in their markets, while Malaysia’s financial regulator has reprimanded the stock exchange for operating illegally in the country. Bloomberg also reported earlier this year that Binance was under investigation by the US Department of Justice and the Internal Revenue Service.
© Thomson Reuters 2021