Crypto Exchange Binance sets some services in Singapore to comply with regulation - regulation

From October 26, 2021 at 04:00 a.m. (12:00 p.m. UTC+8), users in Singapore cannot access certain functions on Binance.com, including FIAT deposit services, spot trade in cryptocurrencies, the purchase of cryptocurrencies via Fiat channels and Liquid Swap ("Regulated payment services").

The announcement adds that "users in Singapore are recommended to set all the associated business, to reduce Fiat assets and to redeem it" until the period has expired "to avoid potential trade disputes".

Binance Singapore has experienced changes since the Monetary Authority of Singapore (MAS), the central bank of the country, which supervises the crypto sector, a Warning About Binance. The Central Bank wrote: "MAS has checked Binance.com's business and is of the opinion that Binance, the operator of Binance.com, possibly violates the Payment Services Act ... Binance has to post the provision of payment services for residents of Singapore inhabitants."

The exchange subsequently appointed a CEO with long-term compliance background. Richard Teng was previously CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).

In the meantime, Binance has been examined in detail by supervisory authorities, including in Great Britain, the Netherlands, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy and Canada. US authorities also examine binance for possible market manipulation and insider trade .

What do you think that Binance quits some services in Singapore? Let us know in the comment area below.

Bedy verification : Shutterstock, Pixabay, Wiki Commons