Binance Switches Gears in Singapore After Crypto Exchange Lands on ‘Investor Alert’ List

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Crypto exchange Binance says it’s undertaking a number of new measures to comply with Singapore’s financial regulations.

Binance says that starting on September 10th, it will delist all Singaporean dollar (SGD) cryptocurrency pairs.

 

The crypto exchange will also halt payment options related to the SGD and remove the Binance app on mobile app stores in Singapore.

“As Binance constantly evaluates its product and service offerings to remain compliant with local regulations, we will cease the following products and offerings in Singapore on Friday, 2021-09-10 04:00 AM UTC (12:00 PM UTC+8).

– SGD trading pairs

– SGD payment options

– Removal of the App from Singapore iOs and Google Play stores”

The crypto exchange says that it “welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”

Binance’s Singapore decision comes after the city-state’s central bank, the Monetary Authority of Singapore (MAS), placed the cryptocurrency exchange on its “Investor Alert List” on September 2nd.

According to the MAS, the list names unregulated persons or entities that may be wrongly perceived by the public as having the license to operate in Singapore.

In a statement, Singapore’s central bank says Binance could be in violation of the Payment Services Act, which is a measure that regulates payment systems and payment services providers in the country.

“MAS has reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act. Binance is required to cease providing payment services… to Singapore residents and cease soliciting such business from Singapore residents.”

The notice from the MAS is just the latest in a series of regulatory issues that Binance is facing across the globe. It came shortly after South Africa’s financial regulator, the Financial Sector Conduct Authority, urged investors to be “cautious and vigilant” when dealing with Binance.

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