Binance limits pairs with Singapore dollar after MAS troubles

In a recent announcement, cryptocurrency exchange Binance said that it will soon stop trading

pairs with SGD, payment options in SGD and remove its app from Singapore’s Google Play and iOS app stores. The news comes amid growing global regulatory concerns over the exchange’s operations as a financial entity. Sponsored Sponsored

The latest country to cite concerns about Binance, the leading global cryptocurrency exchange, is Singapore. This follows similar concerns raised by Brazilian and British financial authorities. The UK Financial Conduct Authority claimed that Binance was not compliant in its governance structure and products. In turn, the exchange had to remove

futures trading on its Brazilian platform in response to an order from Brazilian regulators.

To comply with the latest warning from Singapore regulators, changes had to be made to the exchange’s operations in Singapore. Binance P2P in Singapore is one of the affected Binance services and offerings. This platform allows people to trade directly with each other, in virtually any country. This allows them to buy and sell cryptocurrencies between each other without an intermediary, similar to an online marketplace like Facebook Marketplace that connects buyer and seller.

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In response

to

concerns raised by the Monetary Authority of Singapore (MAS), Binance P2P on 10 September 2021 is to remove SGD trading pairs in Bitcoin, Ethereum and its own native cryptocurrency, Binance Coin (BNB). The exchange has advised all P2P users to complete all related transactions

and remove their P2P ads by September 9, in order to avoid potential trade disputes.

SGD Payment options for buying and selling cryptocurrencies will also cease to exist, and the company will remove its trading app from the iOS and Google Play app stores in Singapore.

Binance

operations in Singapore

Binance’s

Singapore-registered entity, Binance Asia Services operates Binance.SG, which is a separate entity from the global company. Binance has come under fire from regulators in the UK, Brazil and most recently in Singapore…. Currently, the exchange allows deposits and withdrawals in Singapore dollars via the Xfers Direct payment platform. However, such capability will be discontinued after September 10.

At the end of the announcement, the exchange repeated its mantra of “friendly pr

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