The Financial Regulator of Singapore said Binance could violate the Payment Services Act to provide payment services and attract business from local residents without a license.
As Binance has not applied for a license under local law, the Monetary Authority of Singapore has added Binance.com to its investor alert list. The list warns consumers that Binance is not regulated or licensed to provide payment services in the city-state, Bloomberg said in response to a question from Bloomberg.
Binance is required to stop providing payment services to Singaporeans and stop requesting such transactions, the statement said.
Only Binance Asia Services, which operates Binance.sg, has applied for a license and is currently exempt from holding a license to provide digital payment symbol services, MAS said.
A Binance representative did not immediately respond to a request for comment.