According to reports from the Financial Services Authority of Singapore, Binance could have broken payments laws in Singapore and has decided to withdraw its products.
SGD-denominated cryptocurrencies or payments will no longer be allowed in Singapore starting Sept. 9, according to a Sunday blog post. Singapore’s Apple and Google Play stores will also take down Binance’s mobile app.
Crypto Exchange officials said all SGD trades will be terminated at 04:00 UTC on Sept. 9. Users should complete their trades 24 hours before the termination deadline.
Binance halted certain product offerings mere days after Singapore’s Monetary Authority had warned that the exchange may be in violation of its Payment Services Act. Investor alerts for Binance were first registered on Sept. 1.
There are also “unregulated persons who were wrongly regarded as being licensed or regulated by MAS due to information that MAS received.”
In a warning last week, Singapore’s Monetary Authority warned that Binance’s global platform, Binance.com, seems to be providing payment services to Singapore residents without an appropriate license.
It said its app will be removed from the Singapore Apple and Google Play stores beginning Sept. 10 and that it will no longer offer Singapore dollar payments.
Changpeng Zhao, Binance’s CEO, has urged users to switch to Binance’s Singapore platform rather than its global platform.
The emergence of cryptocurrency exchanges such as Binance, which previously were able to provide services to nearly all markets in the world, has led to local regulators increasingly opposing them.
Hong Kong, Britain, Italy and Malaysia’s financial regulators have both reprimanded Binance for operating illegally in their markets, while Malaysia’s financial regulator said the exchange should cease some activities in their markets.