Cryptocurrency exchange Binance has announced it will cease several products and offerings in Singapore on Sept. 10, 2021 at 04:00 AM UTC.
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According to a press release, the exchange will close the following services:
- SGD trading pairs.
- SGD payment options.
- Applications from Singapore iOS and Google Play stores.
Binance will also remove SGD trading pairs from its peer-to-peer (p2p) trading platform. The exchange says the measures are taken "to remain compliant with local regulations." The move comes after the Monetary Authority of Singapore, the country's central bank, included Binance into its investor alert list. The list contains unregulated persons who, based on information received by MAS, "may have been wrongly perceived as being licensed or regulated by MAS." The same measures have been taken for Korean and Norwegian markets.
Earlier, Binance drew scrutiny from regulators around the world over unauthorized activity of affiliated companies. As of press time, watchdogs of Hong Kong, Poland, Malta, Italy, Cayman Islands and Singapore issued warnings against the exchange and affiliated companies.
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