Changpeng Zhao-owned crypto exchange, Binance, announced that it would discontinue offering some of its services in Singapore after regulators announced last week that the world’s largest cryptocurrency exchange might be breaching rules in the city-state. “Binance constantly evaluates its product and service offerings to remain compliant with local regulations,” the crypto exchange giant said Sunday in a statement on its website.
Binance will cease offering Singapore dollar trading pairs and payment options.
The crypto exchange giant announced that it would cease offering Singapore dollar trading pairs and payment options from Friday, and the app for these products will be removed from the Apple and Google Play stores. “Users are advised to complete all related peer-to-peer trades and remove related trade advertisements by Thursday, to avoid potential trading disputes,” it said. Binance further said that it doesn’t operate any official Telegram and other online communication channels in Singapore. “Our aim is to create a sustainable ecosystem around blockchain technology and digital assets,” the company said.
Binance and other crypto firms have been facing increasing regulatory scrutiny worldwide.
Changpeng Zho-owned exchange further said, “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.” Binance and other cryptocurrency companies have been facing increasing regulatory scrutiny worldwide. The Monetary Authority of Singapore said on Sept 2 that the exchange might have breached the Payment Services Act for providing payment services to and soliciting such business from Singapore residents without an appropriate license. Binance has been facing regulatory scrutiny from regulators across countries.