[ad_1]
Binance
NurPhoto
The Binance cryptocurrency exchange will not offer Singaporean dollar products and will stop all online communications operations in the country by Friday, after a warning from the local regulator, according to an announcement on the website on Sunday. of the society.
The company has said it will stop trading cryptocurrency pairs and Singapore dollar-denominated payment options, it said it will also remove its app from paid Apple and Google stores nationwide and shut down all online communications, including its Telegram channel. Users were encouraged to complete all of their Singapore dollar-based transactions by Thursday.
The move comes after the Singaporean regulator placed Binance.com on its investor alert list last Thursday. The list informs people of all the unregulated platforms that the Monetary Authority of Singapore initially assumed to be authorized based on the information they had at the time of their approval.
Binance welcomes changes in the regulatory framework for our industry as they provide opportunities for market players to have greater collaboration with regulators. We are committed to working constructively in developing policies that aim to benefit every user, ”Binance said in a statement.
Binance is the largest crypto exchange in terms of transaction volume, ahead of US competitor Coinbase, according to CoinGecko.
Binance had previously been granted a temporary exemption to provide services in Singapore, but, in line with other regulators, the MAS has stepped up its oversight to ensure that adequate consumer protection measures and anti-money laundering controls are available. money were in place.
Singapore has joined the UK, Canada, Japan, Germany, Thailand and Italy, among other jurisdictions, which have issued trade bans and warnings.
Binance announced that it will redouble its efforts to comply with regulators in July so that it can be authorized everywhere.
|
Sources 2/ https://markets.businessinsider.com/news/currencies/binance-crypto-trading-singapore-dollars-crackdown-monetary-authority-bans-warnings-2021-9 The mention sources can contact us to remove/changing this article |
[ad_2]