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Binance Cuts SGD Trading Pairs Following Warning From Singapore Regulators
Last Thursday, Singapore issued an investor alert. This Friday, Binance will end payment options in the local currency.
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Cryptocurrency exchange Binance is significantly curtailing its exposure to the Singapore crypto market.
Days after the Monetary Authority of Singapore said the company may be in violation of the country’s Payment Services Act, Binance said it is eliminating SGD trading pairs and payment options. It is also removing its app from iOS and Android marketplaces used by Singapore residents.
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The move is effective Friday, Sept. 10 at 04:00 UTC, Binance said.
This past Thursday, Singapore became the latest country to take regulatory aim at the exchange, issuing an investor alert for Binance’s global website.
Read more: Singapore Issues Investor Alert for Binance
The exchange has been in regulators’ crosshairs all around the world in recent months, including in Japan and the U.K.
Binance, which has been acting with rapidity to address regulator concerns, is currently awaiting the review of its application to operate in Singapore.
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Hong Kong remains committed to digital assets but feels competition from an ‘aggressive’ UAE
Dubai and Abu Dhabi have established a solid regulatory framework for virtual assets, and each region has brought this under the auspices of a single, dedicated regulatory authority.
Ano ang dapat malaman:
- Hong Kong could take lessons from the UAE and Korea regarding crypto regulation, said a member of the China National Committee, speaking at Consensus Hong Kong.
- The undersecretary from Hong Kong's Treasury said an enduring attraction of Hong Kong is that there are “no surprises” from regulators.
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