In a recent announcement, the Binance cryptocurrency exchange said that it will soon be ceasing SGD trading pairs, SGD payment options, and is removing its application from the Singaporean Google Play & iOS app stores. This news comes amid growing global regulatory concerns regarding the exchange’s operations as a financial entity.
The latest country to cite concerns regarding Binance, a top global cryptocurrency exchange, is Singapore. This follows similar concerns raised by Brazilian and UK financial authorities. The UK Financial Conduct Authority claimed that Binance was not compliant in its governance structure and products, while the exchange had to remove trading of futures contracts on its Brazilian platform in response to an order from Brazilian regulators.
In an attempt to comply with the latest backlash from Singaporean regulators, adjustments have had to be made to the exchange’s Singaporean operations. Binance P2P in Singapore is among Binance’s services and offerings affected; Binance P2P allows people to trade directly with each other, in virtually any country. It allows the act of buying and selling cryptocurrency between users without an intermediary to broker the deal, much like an online marketplace, such as Facebook Marketplace, which links the buyer to the seller.
In response to concerns raised by the Monetary Authority of Singapore (MAS), Binance P2P is set to remove SGD trading pairs in bitcoin, Ethereum, and its own native cryptocurrency, Binance Coin (BNB), on Sept 10, 2021. The exchange advised all P2P users to complete all related trades and to remove their trade-related advertisements by Sept 9 to avoid the potential of trading disputes.
The SGD Payment options for buying and selling cryptocurrency will also cease, and the company will be removing 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 firmBinance has come under fire by regulatory bodies in the UK, Brazil, and most recently, Singapore.. It currently allows Singapore-dollar deposits and withdrawals via payments platform Xfers Direct, a feature that will be discontinued after Sept 10.
At the conclusion of the announcement of the Singaporean measures, the exchange reiterated its mantra of ‘welcoming developments to the regulatory framework.’