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Singapore Monetary Authority has placed the Binance exchange on its alert list of investors on Wednesday. This is due to some concerns about the possibility that the crypto exchange might have violated the local payments laws.
On Sunday, the global crypto exchange has announced its intention to cancel its product offering in the country. This is amidst regulatory warnings from Singaporean Financial Regulators that Binance seems to have violated local payment regulations.
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Binance is a cryptocurrency exchange currently the largest exchange globally in terms of the daily trading volume. It was founded in 2017 and is registered in the Cayman Islands.
Binance Limits Product Offerings In Singapore
From Thursday, the residents of Singapore will cease to trade cryptos or receive payments in SGD-Singapore dollars. In addition, a blog Sunday post stated that the crypto exchange’s mobile application would be deleted from Singapore’s Google or Apple play stores.
The exchange stated that they would remove all SGD trading pairs on Thursday at 04:00 UTC. They advised users to ensure that they completed all peer-to-peer trades 24 hours before the scheduled deadline.
The Binance’s decision to halt some product offerings was a few days after receiving a warning from the Monetary Authority of Singapore. MAS gave a warning that Binance may be bridging the Payment Service Act of the Country.
As a result, they added the crypto exchange to the investor’s alert list of the regulator on Wednesday. In the list were unregulated individuals who may have given people the wrong perception of being regulated or licensed by MAS.
Binance faces upheaval from various financial authorities globally for proposedly not complying with the local regulations. These include the provision of crypto exchange services without obtaining appropriate licenses.
Germany, Japan, the Canadian province of Ontario, and the United Kingdom all went down on the exchange offerings this summer. The most recent one is the South African regulator’s warning to its residents on crypto exchange unauthorized operation within the country.
Regulatory Issues And Binance U.S.
The regulatory issues seem to attract negative attention to the popular crypto exchange that operates as an independent legal entity. As a result, investors following the latest development have backed out of a funding round worth $100 million for US exchange.
At the time of writing, BNB trades sideways | Source: BNBUSD on TradingView.com
This made the funding round fail; it may have led to the reason why Brian Brooks resigned as the CEO of Binance us after only three months of leadership.
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However, Binance global exchange handles more trades compared to other platforms despite the regulatory upheaval. The trade volume of Binance, according to the coin market cap on Sunday, was over $24 billion.
Featured image from Pixabay, chart from TradingView.com