Singaporean crypto investors can no longer use the main platform of Binance for crypto trading by October 26, 2021. The announcement made by the company last September 6 was made days after Singapore’s central bank demanded that Binance stop offering its payment services.
Upon the deadline, crypto investors in Singapore can no longer deposit fiat currencies or trade using Binance’s global platform. Changpeng Zhao, chief executive officer (CEO) of Binance, urged Singaporean investors to switch to the local exchange before the deadline expires.
Prior to this, the Monetary Authority of Singapore (MAS) aimed at Binance and accused the exchange of breaking the law. Currently, the main platform of Binance is providing payment services to Singaporeans without an appropriate license from the state.
These restrictions will only be applied to the exchange’s global platform and would not affect its local Singapore platform. The operations of the local exchange are conducted by a separate legal entity with services that are independent of the main platform.
Binance Singapore is still in the process of applying for a license in the country. The local exchange is allowed to operate under government exemption while the MAS has yet to approve the license.
According to Forbes, the Binance global platform said it has constantly evaluated the services to ensure that the exchange not only meets customer demands but also comply with local regulations.
‘We are working closely with the Monetary Authority of Singapore and other global regulators to comply with the relevant regulatory standards and facilitate any required service changes,’ a Binance representative said in an email correspondence with Forbes. ‘We are actively keeping abreast of changing policies, rules and laws in this new space.’
Binance’s global platform has previously been able to serve almost all crypto markets across the globe. However, local regulators increasingly became resistant to the exchange for security reasons.
In recent months, several other countries have placed Binance under scrutiny citing concerns in money laundering and fraud issues brought about by the high-risk nature of crypto assets.
Hong Kong and Japan have issued warnings against Binance while financial regulators in the United Kingdom banned the global exchange from operating in their country. Moreover, Malaysia reprimanded the exchange.
As a response, Binance stated that the company is ready to assist regulators around the world to find an optimal solution to set a fair playing field.
‘Consumer protection is important to all of us,’ Binance commented.
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