Binance limits SGD product offerings in Singapore amid regulatory warnings

The Monetary Authority of Singapore placed Binance on its investor alert list on Sept.1 amid signs that the crypto exchange may have violated local payments laws.

Global cryptocurrency exchange Binance announced Sunday that it will roll back product offerings in Singapore amid warnings from financial regulators that the company may have violated payments laws. 

Beginning Sept. 9, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in the Singapore dollar, better known as SGD, according to a Sunday blog post. The Binance mobile app will also be removed from Singapore’s Apple and Google Play stores.

The exchange said all SGD trading pairs will be removed at 04:00 UTC on Sept. 9, with users advised to complete all peer-to-peer trades 24 hours in advance of the deadline.

https://twitter.com/binance/status/1434471844904640513

The decision by Binance to halt certain product offerings came mere days after the Monetary Authority of Singapore, or MAS, warned that the exchange may be in breach of the country’s Payment Services Act. Binance first appeared on the regulator’s investor alert list on Sept. 1. The list includes “unregulated persons who, based on information received by MAS, may have been wrongly perceived as being licensed or regulated by MAS.”

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This story is still in development.