In response to increased scrutiny from regulators, crypto exchange Binance is removing itself from app stores in Singapore, as well as ending support for trading pairs and payment options in the Singapore dollar (SGD), according to a company press release. The move takes effect Friday, Sept. 10 at 04:00 UTC.
Fast facts
- Last week, the Monetary Authority of Singapore added Binance.com to its Investor Alert List, which flags unregulated entities that may have given the public the impression they are licensed by MAS. A company spokesperson told Forkast.News the company was aware of the MAS notice and was “actively working with the MAS to address concerns that they may have through constructive dialogue.”
- The spokesperson also clarified that Binance.com and Binance Singapore (Binance.sg) are separate entities, and only the former was placed on the Investor Alert List. Therefore, it is also only Binance.com that is reducing its exposure in the country.
- Binance was in hot water with South African regulators recently as well. On Friday, the exchange pushed back against the country’s Financial Sector Conduct Authority, which warned local investors against dealing with the exchange. In response, Binance said the FSCA had no authority to regulate crypto in the country, claiming it is fully compliant with the Financial Intelligence Centre, which Binance termed the “major regulator” in the country.
- Binance did have some good news on the regulatory front recently, however, as the U.K.’s Financial Conduct Authority announced Binance Markets Limited is now compliant with the requirements imposed on the firm in June. These requirements forbade Binance to undertake any regulated activities without written consent of the FCA, to display a notice of the restrictions on its website and cease all advertising. Many large banks including Barclays, NatWest and HSBC have blocked customer payments to the exchange since the FCA’s initial ruling.
- Binance has been marked by international regulatory pressures of late, as Italian regulators soon followed the FCA, saying Binance was “not authorized to provide investment services and activities.” The exchange has also seen investigations and regulatory action taken against them in the U.S., Japan and the Cayman Islands.