Crypto Exchange Binance sets the Singapore dollar trade to comply with regulations-regulation Bitcoin News
Crypto Exchange Binance sets the Singapore dollar trade to comply with regulations-regulation Bitcoin News
The Binance cryptocurrency exchange has announced that it would no longer offer trading pairs and payment options in Singapore dollars to comply with the country's regulations. The announcement followed a message from the Monetary Authority of Singapore (MAS), in which it was said that Binance "may violate the Payment Services Act".
Binance meets the regulations of Singapore
The KryptoBörse Binance announced changes in Singapore on Sunday. The company wrote that on Friday, September 10th, there will be no "SGD trading pairs" and "SGD payment options" to "remain conform to the local supervisory authorities".
Binance will also remove his app from the iOS and Google Play Stores in Singapore. SGD trading pairs will also be removed from Binance P2P on Friday.
The stock exchange also advised the users to complete all the associated P2P transactions and remove all associated ads by September 9, "to avoid potential trade disputes". In addition, Binance made it clear that she would not operate official telegram or online communication channels in Singapore.
"Our goal is to create a sustainable ecosystem around blockchain technology and digital assets," commented Binance and explained:
Binance welcomes developments in the regulatory framework of our industry because they offer the market participants opportunities to better work with the regulatory authorities.
The announcement to hire the trade with Singapore dollar, followed A Notine from Singapore Central Bank, the Monetary Authority of Singapore (MAS), which supervises the country's crypto industry.
mas announced on Thursday that "Binance.com's business activity has checked and believes that Binance, the operator of Binance.com, may violate the Payment Services Act". The Central Bank added that "Binance is obliged to provide the provision of payment services ... for residents of Singapore and to ask for such transactions of residents Singapore."
Last week binance said rented Richard Teng, former CEO of the financial service at Abu Dhabi Global Market (ADGM) as a new CEO for the shops in Singapore. Binance strives to “become a leading company in compliance with legal regulations” while it becomes a financial service company.
The global crypto exchange has recently become the focus of many other regulatory authorities worldwide, including in Great Britain, the Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, Lithuania and South Africa. They claimed that Binance had operated in their jurisdiction without permission.
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