Binance continues to surrender to regulatory pressure as it announced it will end all services being offered in Singapore.
Changes to #Binance Offerings in Singaporehttps://t.co/oKsgb8VFta
— Binance (@binance) September 5, 2021
Binance “goodbye” to Singapore
As AZCoin News reported, on September 2, the Monetary Authority of Singapore (MAS) said that it has put Binance on the “Investor Alert List” list because it has not been licensed to operate. On September 5, the world’s largest cryptocurrency exchange announced the termination of services in Singapore from 04:00 AM on September 10, 2021, they will:
- Discontinue support for trading pairs in the Singapore dollar (SGD)
- Remove SGD payment options from the website
- Delete its application from Google Play and App Store in Singapore
Users are advised to complete all SGD related transactions by September 10 to avoid an unfortunate incident. They also noted that the exchange will no longer manage any Telegram groups or official communication channels in Singapore.
These are extremely extreme measures taken by Binance, showing that the pressure from Singapore financial regulators is uncompromising. Binance’s decision was also made extremely quickly and hastily, demonstrating the seriousness of the incident. The proof lies in the fact that at the end of August, Binance appointed Richard Teng, former Managing Director of the Singapore Stock Exchange, as the CEO of the exchange Singapore platform. Teng also has 13 years of experience working at MAS as a Corporate Finance Director.
As confirmed, Binance Singapore (Binance.sg) is an independent trading platform franchised by Binance. Currently, Binance.sg is still in the process of applying for an operating license and is not mentioned in the above announcement. Maybe this will make the platform continue to provide crypto services on behalf of Binance to investors in this country.
BNB/USD 4-hour chart | Source: TradingView
The BNB price did not see much of a negative change in response to the above news, partly because BNB investors are no longer FUD to such legal news.
This is Binance’s latest legal surrender move in 2021. Previously, the exchange had to delist the security token product, reduce the futures trading leverage to only 20x (compared to the maximum 125x), impose a withdrawal limit, requiring all users to The latest and intermediate KYC is to stop providing services in Korea, Hong Kong, and Singapore.
In July, CEO Changpeng Zhao himself acknowledged the pressures his platform is facing. The CEO stated that the exchange will have to change its direction to ensure compliance with the law, including applying for a license as a financial institution in countries, and not disqualifying. except replacing the CEO to match the new orientation.
Read more:
- Binance Appeared On The Investor Alert List Of Monetary Authority Of Singapore But Still IPO In Next Three Years
- Binance Has Taken Heat From National Regulators This Year, Is That The Reason BNB Price Hasn’t Crossed $500?