In a recent announcement, cryptocurrency exchange Binance said that it will soon stop trading pairs on SGD, payment options on SGD, and will remove its app from Singapore’s Google Play and iOS app stores. This news comes amid growing global regulatory concerns regarding the stock market’s operations as a financial entity.
latest country to cite concerns about Binance, a leading global cryptocurrency exchange, is Singapore. This follows similar concerns raised by the Brazilian and British financial authorities. UK Financial Conduct Authority said that Binance was not complying with its governance structure and products, while the exchange had to eliminate trading futures contracts on its Brazilian platform in response to an order from Brazilian regulators.
In an effort to comply with the latest backlash from Singapore regulators, changes had to be made to the exchange’s Singapore operations. Binance P2P in Singapore is among the affected Binance services and offerings; Binance P2P allows people to trade directly with each other, in virtually any country. It allows the act of buying and selling cryptocurrencies between users without an intermediary to negotiate the deal, much like an online marketplace, such as Facebook Marketplace, that connects the buyer with the seller.
In response to concerns raised by the Monetary Authority of Singapore (MAS), Binance P2P is set to remove SGD’s trading pairs in bitcoin, Ethereum, and its native cryptocurrency, Binance Coin (BNB), on September 10, 2021. to complete all related operations and delete your ads before September 9 to avoid potential commercial disputes.
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SGD payment options for buying and selling cryptocurrencies will also cease, and the company will remove its commercial app from the iOS and Google Play app stores in Singapore.
Binance Operations in Singapore
Binance Asia Services, a registered entity of Binance in Singapore, operates Binance.SG, which is a separate entity from the global company Binance has been the target of regulators in the UK, Brazil and more recently Singapore. It currently allows deposits and withdrawals in Singapore dollars through the Xfers Direct payment platform, a feature that will be discontinued after September 10.
Following the announcement of Singapore’s measures, the exchange reiterated its mantra of “welcoming developments in the regulatory framework.”
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