Binance restricts services in Singapore after regulatory pressure

Embassy Benses, one of the world’s largest cryptocurrency exchanges, has said it will suspend payment services in Singapore after the city’s central bank said it should stop providing payment services.

The Singapore Financial Authority has become the latest regulator targeting Binance, warning that the international platform could violate the law by providing payment services to Singapore residents without proper authorization. will stop offering Singapore Dollar payment options and Singapore Dollar trading pairs from September 10 and the app will be removed from Singapore IOS and Google Play stores, ”it said in a post on its website.

The restrictions apply only to Binance International Forum and not to Singapore Forum, the company’s chief executive Changpong Jooo urged users to change.

Cryptocurrency exchanges, such as Binance, which used to be able to serve all markets around the world in one platform, are now running against local regulators.

In recent months, regulators in Britain, Italy and Hong Kong have ruled that the Binance units are not allowed to operate in their markets, and the Malaysian financial regulator has criticized the exchange for operating illegally in the country. Bloomberg reported earlier this year that Binance was under investigation by the U.S. Department of Justice and Internal Revenue Service.

Thomson Reuters 2021

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