Binance to Cease its Payment Services in Singapore - Forex News by FX Leaders
Binance to Cease its Payment Services in Singapore

Binance to Cease its Payment Services in Singapore

Posted Tuesday, September 7, 2021 by
Sophia Cruz • 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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