Binance cryptocurrency exchange announced yesterday (September 5) that it will stop some of its products and offers in Singapore, in accordance with local regulations.
Binance said in his website yesterday that all its trading pairs and Singapore Dollar (SGD) payment options will cease this Friday (September 10) at 12:00 UTC + 8. Your mobile app will also be removed from the store Apple Apps and the Google Play Store in Singapore on Friday.
The exchange advised all users to complete all peer-to-peer (P2P) business related to SGD and to remove all associated commercials before noon this Thursday (September 9) to avoid possible commercial disputes. . This advice comes after the announcement that Binance P2P will eliminate all SGD trading pairs at noon this Friday.
“Binance welcomes to the developments of the regulatory frame of our industry, since they offer opportunities for the agents of the market to have a greater collaboration with the regulators. We are committed to working constructively on policy-making that seeks to benefit all users, “Binance.com said in a statement to the media.
Binance faces scrutiny from regulators around the world
Financial authorities around the world have been cracking down on Binance for breaching local regulations, including the unlicensed provision of exchange services.
The last country to join the convulsion is South Africa, whose financial regulator issued a warning to its citizens last Friday (September 3), stating that Binance is not authorized to operate in the country.
In early September, the Singapore Monetary Authority (MAS) ordered Binance will stop its payment services to Singapore residents, alleging a breach of the Payment Services Act.
Following the ban, Binance.com has since been placed in MAS ‘ List of investor alerts.
This reduction only affects Binance.com. Users of Singapore’s separate entity, Binance.sg, will not see any change in service.
Binance Asia Services, the operator of Binance.sg, has filed a license application, which is currently being reviewed by MAS. As such, Binance.sg is exempt from having a license to provide digital payment token services while approval is being processed.
How will Binance’s exit from futures and derivatives affect the market?
Scrutiny has also increased forced Binance will exit its futures and derivatives business in Europe, along with other platform moves to reduce its products and offerings, while regulators around the world remain the same.
Binance USA – like Binance.sg, operates as an independent legal entity like the global stock exchange Binance.com – had most of the blow from the recent regulatory backlash.
For example, the US stock market saw investors retreat from its latest developments 100 million US dollars round of funding. As a result, Binance U.S. CEO Brian Brooks resigned after just three months of starting work.
However, Binance.com is still among the largest cryptocurrency exchanges in the world. In accordance with CoinMarketCap, Binance recorded trading volumes of more than US $ 26 billion to date, ranking it as the most important cryptocurrency exchange by volume.
The medium-term impact of Binance’s withdrawal from these sections of the cryptocurrency market remains to be seen.
Featured Image Credit: Bloomberg