Binance has responded to the latest action against it by the Monetary Authority of Singapore (MAS) with the removal of all Singapore dollar-based services from the global crypto exchange platform, Binance.com.
In an announcement on Sunday, Binance said that it is removing all SGD trading pairs from its main platform and will restrict all SGD payment options. Furthermore, the crypto exchange will remove its mobile apps from the Singapore iOS and Google Play stores.
All these restrictions will come into effect from Friday, September 10, and will be applicable only on Binance.com, not the locally operated Binance.sg.
“Binance P2P will remove SGD trading pairs on Friday, 2021-09-10 04:00 AM UTC (12:00 PM UTC+8),” Binance noted. “Users are advised to complete all related P2P trades and remove related trade advertisements by Thursday, 2021-09-09 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”
Regulators against Binance
The move came after the Singaporean central bank and financial market regulator, MAS, recently placed Binance.com on the Investor Alert List, which contains the names of unregulated financial services entities illegally offering services in the city-state.
In an earlier media statement, a Binance spokesperson said that Binance.com is not offering any services to Singapore residents. It is operating in the country through its local platform Binance.sg, which is operated by Binance Asia Services Pte. Ltd.
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The local unit has already applied for a license from the Singapore regulator and is currently operating in the country under a granted exemption for a specified period.
Moreover, Binance CEO Changpeng Zhao said that the exchange might bring more restrictions on Singaporean traders and urged them to switch to Binance.sg.
There may be more restrictions on SG users on @binance (.com). We don’t make the rules, MAS does, we follow. We ask for your understanding.
If it happens, there will always be grace periods for you to cancel orders/positions and withdrawals. Your funds are always #SAFU.
— CZ 🔶 Binance (@cz_binance) September 5, 2021