Another regulatory hammer struck Binance after the country’s Central Bank put the exchange on an “Investor Alert List.” The Central Bank ordered Binance to stop soliciting trades for the Singapore resident customers.
As per Binance’s official post,
“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’s peer-to-peer [P2P] trading will come to a halt too, as the exchange is to remove SGD trading pairs on 10th September, Friday. It has instructed its users to complete all P2P related trades and to remove related trade advertisements by Thursday.
Binance also added that “consumer protection is important to all of us” and Binance.com was “ready to assist regulators from around the world, and together find the optimal way to set a fair playing field.” Moreover, the exchange noted that it was not operating any official Telegram or online communications channel within the country.
As per reports, the abovementioned changes will take effect for Binance.com, but will not cause any changes to Binance.sg, its Singapore operations.
Binance Asia Services, the body that operates Binance.sg, had recently submitted an application for a license. It is currently exempt from holding a license for providing digital payment token services, according to the Monetary Authority of Singapore. The application is still under review.