Binance to Cease its Payment Services in Singapore

Sophia Cruz•Tuesday, September 7, 2021•1 min read

The largest cryptocurrency exchange, Binance, has to stop its services in Singapore, after financial watchdogs warned the company that it has violated payment laws. Starting on September 9, products and offerings in Singapore, like trading pairs and payment options, will be halted. Users have been advised to finish all P2P transactions 24 hours ahead of the deadline, since they will never be used as a payment option again. Binance will also remove its applications in Singapore’s iOS and Google Play Store.

The Monetary Authority of Singapore (MAS) warned that Binance might breach the country’s Payment Services Act (PSA). Binance has failed to apply for a license under local regulations. The MAS has therefore included Binance on their investor alert list, and has warned the public that the exchange is not regulated or licensed to provide any payment services within the country.

Singapore joins the list of countries worldwide, like Hongkong, Japan, Germany, the UK and the Canadian province of Ontario, in cracking down on Binance. These warnings have left a negative impression on Binance US, a separate legal entity, which reported that investors have backed out of a $100 million funding round for the US exchange.

Despite the regulatory backlashes, the price of Binance Coin (BNB/USD) has shown resilience, even after the news. Binance continues to process more trades than any other crypto exchange. The crypto exchange firm has been formulating strategies and working closely with financial regulators worldwide, to strengthen its compliance protocol.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.