Crypto Exchange Binance Pulls Out Of Singapore In Response To Regulation
The world’s largest crypto exchange, Binance, has announced that its main platform no longer offers Singapore Dollar trading pairs.
Crypto Exchange Binance Takes Measures To Comply With Singapore Regulation
A few days ago, the Monetary Authority of Singapore (MAS) put the crypto exchange’s main website in its investor alert list. This list is for firms that don’t have the proper licenses to provide payment services to the residents of the country.
In response to the financial regulator’s warning, Binance has announced some changes to its global website. The main platform will no longer offer trading pairs and payment options in Singapore Dollar (SGD) starting 10 September.
The platform has also planned a removal of the official mobile app from the nation’s iOS and Google Play stores on the same date.
Binance has also asked users to complete all related P2P trades and remove advertisements by 9 September to avoid possible disputes.
It’s worth noting that the crypto exchange’s official Singapore website is still operational. Only the main platform has ceased these services.
Binance’s announcement post reads:
Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.
Singapore isn’t the first country to have disputes related to regulation with the crypto exchange. In fact, the list of nations who have warned the platform is pretty long. Some of the names include the likes of UK, Hong Kong, and Italy.
Earlier Binance announced that the company will take all measures possible in order to comply with the various regulators.
Some of the changes the crypto exchange made include an abolition of the stock tokens and ceasing services in South Korea.
Just last week, Binance also hired Richard Teng as the new CEO for its Singapore-based entity. Teng is the former CEO of the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The appointment will aim to help the firm become a global leader in regulatory compliance.
At the time of writing, BTC’s price floats around $52k, up 7% in the last seven days. Over the past month, the crypto has accumulated just under 19% in gains.
The below chart shows the trends in the value of Bitcoin over the past three months:Source