Singapore’s Monetary Authority positioned Binance on its record for investor alert record on 1st September for expecting that the exchange of cryptocurrency may have turned against the local regulations about payments. Binance (a global cryptocurrency exchange) made an announcement on Sunday for rolling back the offering of products in Singapore during the warnings from the regulator of finance, mentioning that it may be possible for the company to have ignored the payments laws.
From the 9th of September, the citizens of Singapore will not be allowed anymore to do crypto trading or receive crypto payments in the form of Singapore dollars (also called SGD), as stated in a blog post on Sunday. The firm Binance will also remove its mobile application from Google Play as well as the Apple stores. It has been stated by the exchange that all the trading pairs of SGD will be detached at nearly 04:00 UTC during the date of 9th September, and all the consumers are advised in advance to finish their peer-to-peer trades before 24 hours to the deadline.
The company’s decision to put a stop to the offering of certain products came just in a few days following the warning of the MAS (Monetary-Authority-of-Singapore) about the possibility of the exchange have violated the payment services of the country. It was on 1st September that Binance was initially seen on the investor alert record of the regulator. The unregulated persons, according to their information gathered by MAS, have been included in the list, although there is a possibility that MAS might have wrongly perceived them to be regulated or licensed.
The financial authorities all across the world are posing allegations on Binance for being unable to follow the locally imposed regulations like delivering the services of exchange without getting adequate licenses. Germany, Japan, as well Ontario (a province of Canada) all began a crackdown against the exchange for this summer’s offerings. More recently, the financial regulator of South Africa issued a warning against Binance for not being authorized to run within the premises of the country.
Despite the negative attention of the regulatory, the global exchange ‘Binance’ accomplishes more trades as compared to any other such platform. It was reported by CoinMarketCap on Sunday that the company’s trade volumes were just above $24 billion.