Binance to ban Singapore dollar use on its platform

Bitcoin exchange Binance will bar customers from using the Singapore dollar in transactions on its platform, and will also remove its apps from regional App Stores and Google Play. The company said the move was to comply with local law.

Changes to #Binance Offerings in Singaporehttps://t.co/oKsgb8VFta

— Binance (@binance) September 5, 2021

Earlier the Monetary Authority of Singapore (MAS) included Binance in the “Investor Alert List” (Investor Alert List). The regulator stressed that it does not supervise its activities.

The head of the company, Changpeng Zhao, recommended Singaporean clients use the platform Binance.sg, which is owned by Binance Singapore. The latter has filed for a MAS license application and is currently работает under the exemption provided by the Payment Services Act.

There may be more restrictions on SG users on @binance (.com). We don’t make the rules, MAS does, we follow. We ask for your understanding.

If it happens, there will always be grace periods for you to cancel orders/positions and withdrawals. Your funds are always #SAFU.

— CZ 🔶 Binance (@cz_binance) September 5, 2021

«For clarity, binance.com does not operate in Singapore and will remove trading pairs, and will take other actions. Binance Singapore is an independent entity operating in the country under an exemption while it proceeds with licensure. Local users may face additional restrictions. We do not set the rules; MAS does, we simply follow them,» wrote Zhao.

He also added that client funds are safe. If the company has to wind down operations, users will be given time to close positions and withdraw funds.

In June, the UK’s Financial Conduct Authority banned Binance Markets Limited from any regulated activity in the country without prior written approval.

Cayman Islands began an investigation into the exchange’s operations, Thailand and Hong Kong accused the company of operating without a license, Japan issued it another warning.

Polish regulators warned consumers about the risks of interacting with the platform, and Italy and Malta — about Binance’s unregulated activity.

At the end of July Malaysia’s Securities Commission announced coercive measures against the trading platform for ‘illegal management of a digital asset exchange’.

In August the Dutch central bank stated that Binance has no registration to provide services within the country.

As a reminder, on 3 September the South African Financial Sector Conduct Authority urged local investors to ‘caution and vigilance’ when dealing with the cryptocurrency exchange.

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