Recently, Binance suffered a hiccup in another country, which comes after the regulatory issue that it had with the UK. Singapore becomes the latest country to drop a bag of rules that Binance has to comply with if they want to continue operating within the country. Recently, Binance was placed on a list by the authorities in Singapore, which claimed that the exchange may be breaking some laws. To this effect, Binance had to suspend its operations.
According to a post released by Binance,
“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
Binance P2P will remove SGD trading pairs on Friday, 2021-09-10 04:00 AM UTC (12:00 PM UTC+8). Users are advised to complete all related P2P trades and remove related trade advertisements by Thursday, 2021-09-09 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”
By the 10th of September, Binance will remove the Peer-to-Peer trading option, and the SGD trading pairs. Everyone that has an advert has been advised to remove it a day before Friday.
Furthermore, Binance has added that it does not have any official Telegram or similar channels in Singapore, and people should be careful.
The exchange has also stated in its post that it will want to partner with regulators all over the globe. According to Bloomberg, Binance through its Asian arm is currently working on ensuring that Binance.sg is affected. At the moment, they are awaiting approval from the Singaporean authorities, and there is no definite date for the official launching of the .sg arm of Binance.
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