The troubled crypto-currency platform has announced that it will stop trading in Singapore dollars in order to get on the good side of the country’s regulator.
Binance ‘s problems with regulators are far from over, with Singapore being the latest country to sound the alarm over the platform’s services. Binance suffered another blow earlier this month, this time from the Monetary Authority of Singapore (MAS). The financial watchdog placed the crypto-currency company on the “investor alert list”.
MAS argued that Binance may have violated payment regulations in the country, which led to an announcement on Sunday by the crypto exchange that it would stop some of its offerings in the Asian country. The exchange was warned to shut down trading in Singapore and stop making trades with the Singaporean customers it had.
“As Binance constantly evaluates its product and service offerings to remain compliant with local regulations, we will cease the following products and offerings in Singapore on Friday, 2021-09-10 04:00 AM UTC (12:00 PM UTC+8),” the post read.
Binance said its peer-to-peer trading would also end, with the exchange platform planning to remove its SDG pairs by September 10. The company advised its users to delete any trades associated with the peer-to-peer they were holding and other associated trading announcements by September 9. In addition, Binance plans to detach its mobile app from the Apple Store and Google PlayStore in Singapore.
Once again, Binance has reaffirmed its commitment to work collaboratively with regulators to create and maintain a conducive trading and investment environment. It was only last week that South Africa’s regulator, the Financial Sector Conduct Authority (FSCA), warned that the exchange platform was not legally allowed to operate in the country, asking the public to exercise caution and vigilance.
South Africa and Singapore only add to the growing list of countries in dispute with Binance for illegal operations in their respective areas. Binance’s numbers remain firmly high, but from an investor perspective, uncertainty is setting in.
Binance US, despite being a separate entity from Binance, last week saw investors backtrack on their intentions to fund a $100 million round, according to a New York Times report. The report suggests that investors pulled out citing concerns about the lack of clarity in the separation between Binance and Binance US, as Binance CEO Changpeng Zhao held a 90% stake in Binance US. Binance US CEO Brian Brooks resigned shortly afterwards citing differences over the company’s strategic direction, with his tenure at the helm lasting only about three months.