In compliance with regulatory authorities in Singapore, popular cryptocurrency exchange, Binance, on Sunday, announced its services will be halted in the Asian country.
Bitcoin News reports the company wrote that “to remain compliant with local regulators,” it will cease offering “SGD trading pairs” and “SGD payment options” on Friday, Sept. 10.
This development comes following a notice by Singapore’s central bank, the Monetary Authority of Singapore (MAS), which oversees the crypto industry in the country, to Binance.
In the notice issued Thursday, MAS said it had “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.” The central bank added that “Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.”
Also as part of compliance, the crypto exchange will remove its app from Singapore iOS and Google Play stores.
Just as SGD trading pairs will also be removed Binance advised users to complete all related P2P trades and terminate all related advertisements by Sept. 9 “to avoid potential trading disputes.”
The exchange platform further clarified that it is not operating any official Telegram or online communication channels in Singapore.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” Binance noted, adding that “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”
The global crypto exchange recently became the focus of many other regulators worldwide, including those in the U.K., Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, Lithuania, and South Africa. They claimed Binance had been operating without authorization in their jurisdictions.
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