Binance announced updates to its Singapore services on Sunday. According to the company, in order to “remain compliant with local regulators,” it will stop offering “SGD trading pairs” and “SGD payment options” on Friday, September 10.
Binance’s app will also be removed from the Singapore iOS and Google Play stores. SGD trading pairs will be deleted from Binance P2P on Friday as well.
The exchange also asked users to finish all associated P2P trades and remove any related adverts by September 9 in order to “prevent potential trading disputes.” Furthermore, Binance stated that it does not have any official Telegram or online communication channels in Singapore.
The announcement to stop trading in Singapore dollars came after a notice from Singapore’s central bank, the Monetary Authority of Singapore (MAS), which controls the country’s crypto business.
The MAS stated on Thursday that it had “reviewed Binance.com’s operations and believes that Binance, the operator of Binance.com, may be in violation of the Payment Services Act.” According to the central bank, “Binance is expected to discontinue offering payment services… to Singapore persons and cease seeking such business from Singapore residents.”
“Our goal is to build a long-term ecosystem around blockchain technology and digital assets,” Binance explained, adding:
Binance supports changes to our industry’s regulatory framework because they provide chances for market participants to collaborate more closely with regulators.Binance