On September 5, Binance announced that it ceasing Singapore Dollar (SGD) Pairs and Payment Options from its international platform operating in Singapore due to a warning from the Monetary Authority of Singapore (MAS).
Dropping SGD Products
From Friday, September 10, 04:00 AM UTC, these services will not be available on the Binance P2P.
“Users are advised to complete all related P2P trades and remove related trade advertisements by Thursday, 2021-09-09 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”
Moreover, the platform is going to remove its mobile applications available on the Singapore iOS and Google Play stores.
Binance Singapore shall keep offering the products
Binance CEO and founder, Changpeng Zhao clarified in a tweet. He said, “To be clear, @Binance (Binance.com) is not operating in Singapore, and will remove SGD pairs, etc. Binance Singapore (Binance.sg), an independent entity, is operating in SG under exemption while going through the PSA license application.”
Binance.sg or Binance Singapore operates under Binance Asia Services. The MAS ban on Binance may not directly impact Binance.sg.
So, Singapore residents will only be able to access Binance Singapore from September 10 onwards.
He also said that there may be more restrictions on Singapore-based users on using the Binance.com platform. “We don’t make the rules, MAS does, we follow. We ask for your understanding,” he added in another tweet.
A statement released by Binance says that “Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”
MAS’ Latest Warning to Binance
Last week Reuters reported that MAS says that Binance might be in breach of laws.
“MAS has reviewed Binance.com’s operations and is of the view that Binance, the operator of Binance.com, may be in breach of the Payment Services Act. Binance is required to cease providing payment services … to Singapore residents and cease soliciting such business from Singapore residents.”MAS told Reuters
In July, Bloomberg had reported that MAS was scrutinizing Binance due to its regulatory woes in several countries. Finally, the curtain has come down on Binance’s Singapore arm.
Binance has maintained that it has a decentralized structure. It has a network of domestic entities under its belt. But the same structure may be the cause of worry for regulators around the globe.