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Binance Sets To Remove Singapore Products After Regulator’s Warning

Ali Raza by Ali Raza
September 6, 2021
in Crypto news
Reading Time: 3min read
Binance Labs Invests $2.4M Into Polkadot-Based Plasm Network
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Binance crypto exchange has announced that it will remove Singapore products from its services. This is coming few days after warnings from the Singaporean central bank.

The country’s monetary authority issued a stern warning to Binance, one of the largest crypto exchanges in the world, that its platform could be breaking the law. The authority stated that its global platform Binance.com is offering crypto services in Singapore without the required license.

The crypto exchange has been under fire lately from regulators in different jurisdictions. But it seems Binance has decided to take the safer approach to solve the problem.

The exchange says from September 10 it will stop offerings Singapore dollar trading pairs and payment options on the Binance.com platform.

It will also remove the apps from its Google Play stores and Singapore iOS. The company says that the move was necessary to “remain compliant with local regulators.”

Users advised removing their trades by sept. 9

While elaborating on the development, Binance stated that the company’s goal is to provide a sustainable ecosystem around digital assets and Blockchain technology.

Binance has also advised users to remove any P2P advertisements and trades by September 9 to prevent any potential trade disputes. The exchange also noted that it is not operating any online communications channels or official telegram in Singapore.

However, Binance has clarified that the restriction does not apply to its Singapore platform, but its Binance global platform. As a result, the exchange has asked users to switch to the Singapore platform.

More Regulators Mount Pressure On Binance

Binance has been having issues with several regulators in recent times. Regulators in Hong Kong, Italy, and Britain have warned Binance of operating without a license in their respective countries. On a more serious note, Malaysia’s financial regulator accused the exchange of illegal operations in the country. Binance is reportedly being investigated by the U.S. Internal Revenue Service and Justice Department.

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  • Home
  • News
  • Analysis
  • Crypto
    • Tamadoge
    • Crypto Presales
  • Autotrading
    • BitVestment
    • BitProfit
    • Bit Index AI
    • Metaverse Profit
    • Today Profit
    • Quantum Code
    • Bitcode Prime
    • Bitprime Gold
    • Bitcoin Motion
    • Bitcoin Smarter
    • Bitcoin Robot Guide
    • Bitcoin Future
    • Bitcoin Millionaire Pro
    • Bitcoin Pro
    • BitiCodes
    • Bitcoin Loophole
    • Bitcoin Up
    • Bitcoin Storm
    • Bitcoin SuperSplit
    • Bitcoin Supreme
    • TeslaCoin
    • Bitcoin System
    • Bitcoin Fortress
    • Immediate Edge
    • Bitcoin Profit
    • Bitcoin Trader
    • Bitcoin Bank
    • Bitcoin Union
    • BitQT
    • Bitcoin Prime
    • Profit Compass
    • Bitcoin Champion
    • Bitcoin Optimizer
    • NFT Profit
    • Bitcoin Decoder
    • PBN Invest
    • Quantum AI
    • Celebrities
      • Teeka Tiwari Investment plan
      • Kate Winslet Bitcoin
      • Holly Willoughby Bitcoin
      • Ant McPartlin Bitcoin
      • Nicole Kidman Bitcoin
      • James McAvoy Bitcoin
      • Jim Davidson Bitcoin
      • Peter Lim Bitcoin
      • Jonathan Ross Bitcoin
      • Bear Grylls Bitcoin
      • Phillip Schofield Bitcoin
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      • Ryan Reynolds Bitcoin
      • Dick Smith Bitcoin
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  • Disclaimer
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Copyright © 2017-2019 Cryptovibes.com. Price data provided by our official partner CoinGecko.

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