Binance controls SGD product offerings in Singapore in between regulatory warnings

On Sunday, Global cryptocurrency exchange binance declared that product offerings in Singapore in between warnings from financial regulators that the company may have violated the payment laws. 

By September 9, Singaporeans won’t be able to trade cryptocurrencies or get payments designated in the Singapore dollar also known as SGD. The Binance mobile app will be removed from Singapore’s Apple and Google play stores. The exchange mentioned that SGD trading will be removed at 04:00 UTC on Sept. 9, with users told to execute the peer-to-peer trades within 24 hours in advance of the deadline. This decision to stall product offerings was made just days after the monetary authority of Singapore, or MAS pointed out that exchange may be in breach of the country’s payment services Act. Binance and this was first shown on the regulator’s investors alert list on Sept. 1. 

The list has “unregulated persons who based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.” Binance is going through a tough stage from facing financial authorities all over the world for allegedly failing to adjust with local regulations such as providing exchange services without getting the appropriate licenses. Japan, Germany, the United Kingdom and the Canadian province of Ontario all broke down on Binance exchange offerings this summer. South Africa’s financial regulator warned its citizens that Binance is not programmed to work in the country. 

Even with the negative regulatory attention, Binance’s global exchange processes more trades than any other platform. On Sunday, trade volumes for Binance were stated at just over $24 billion.