Binance, one of the major crypto-asset exchanges around the world, has announced that it will limit its number of products and services in Singapore due to warnings from authorities. Singapore’s financial regulators have issued warnings against the global exchange to cease some of its product offerings in the state and prohibit the company from violating payment laws in the state.
Starting Thursday, the residents of Singapore will no longer be allowed to trade crypto assets or receive crypto payments denominated in SGD, Singapore dollar, the state’s national currency. According to the recent reports, the financial authorities have also ordered the removal of the Binance mobile app from Singapore’s Apple and Google Play Store as well.
Binance is facing upheaval from numerous financial authorities across several different countries in the world under the allegations that the exchange fails to comply with the regulations established by the agencies. One of the allegations is that Binance provides crypto exchange services without the appropriate licenses from the local regulators.
Germany, Japan, the United Kingdom, and Ontario, a Canadian province, have all cracked down on the controversial exchange and its offerings throughout this summer. Recently, South African financial authorities have warned its citizens to refrain from dealing with Binance as it has not been authorized to operate in the country.
The Monetary Authority of Singapore (MAS), has issued warnings against the exchange, accusing it of breaching the country’s Payment Services Act. Due to the earnings, Binance ceased certain product offerings after the warnings were issued. The exchange appeared on the agency’s investor alert list, which consists of unregulated entities which, based on the information received by MAS, may have been wrongly purported as being regulated or licensed by the Monterey Authority of Singapore.
Binance also announced that its SGD trading services will be halted on Thursday at 04:00 UTC. Traders were advised to complete all of their current peer-to-peer trades 24 hours earlier than the deadline.
Due to the global exchange’s regulatory backlash, Binance.US, which operates as a separate legal entity from the global exchange, has gained negative attention. Investors have been reported to withdraw from a $100million funding round in the U.S exchange.
Despite the negative attention, Binance global exchange has been facilitating more trades than other platforms. In a recent report, Binance had been trading volumes of just over $24 billion on Sunday.