Binance limits product offerings in Singapore following regulatory warnings
Binance announced on Sunday that it would revoke some of its product offerings in Singapore following recent warnings from regulators.
According to the official post, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in the Singapore dollar (SGD) on its platform from September 9. The Binance mobile app will also be removed from Apple and Google Play stores in Singapore.
The leading crypto exchange also took to Twitter to state that all SGD trading pairs will be removed at 04:00 UTC on Sept. 9. Users were advised to complete all peer-to-peer trades 24 hours before the deadline.
The development comes a few days after the Monetary Authority of Singapore (MAS) added Binance to its Investor Alert List over concerns that the crypto exchange may have violated local payments regulations, BTC PEERS reported.
Several regulators across the globe have called out Binance for allegedly operating without a license in their jurisdictions. The regulatory repercussion has attracted negative attention to Binance US, which operates as a separate legal entity from its global exchange. Investors have reportedly backed out of a $100 million funding round for the U.S. exchange.
However, Binance’s global exchange processes more transactions than any other platform. According to CoinMarketCap, trade volumes for Binance were reported at just over $24 billion on Sunday.