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Thursday, June 30, 2022

Binance Announces Plans to Limit Services for Singapore Market

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The Binance cryptocurrency exchange has disclosed that it has decided to limit the services for the Singapore market. Binance revealed that by September 10, they will eliminate the SGD (Singapore dollar) trading pairs and payment options. Users from Singapore will also not be able to get the Binance app from Apple’s App Store and Google’s Google Play.

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The decision of Binance to significantly decrease its services for the Singapore market comes in the midst of pressure from the Monetary Authority of Singapore (MAS). On September 2, MAS included Binance.com on its Investor Alert List. It covers “unfettered persons who, based on information obtained by the MAS, may have been mistakenly seen as licensed or governed by the MAS”.

Furthermore, the regulator also instructed Binance to halt that offer payment services and requesting business from the country’s residents. This move of Binance doesn’t show that Binance is completely out of the market. Binance. sg which is a Singapore-based exchange that Binance introduced in July of 2019, is still functioning.

Additionally, Binance. sg’s services are quite limited, as the exchange provides only spot markets for a small number of cryptocurrencies. Binance. sg has requested to secure a license with the MAS. Currently, it operates under waivers awarded by the regulatory agency.

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