The largest cryptocurrency exchange by trading volume, Binance, has updated its product and service offerings in Singapore. The crypto exchange giant announced this news on September 5, saying it will stop offering all products and services in the country by 12:00 PM UTC, September 10. Reportedly, the exchange intends to cancel all SGD trading pairs and SGD payment options on Friday.
Binance plans to terminate support for both Android and iOS versions of its app in Singapore.
According to the announcement, Binance also plans to terminate support for Android and iOS versions in Singapore. To this end, the crypto exchange urged users in the country to complete all peer-to-peer (P2P) trades and remove related trade advertisements by 12:00 PM UTC Thursday, September 9, to avoid potential disputes. Binance also warned its Singapore users that it does not operate any official Telegram or online communication channels in the country, emphasizing the need to adhere to the above directive.
Binance aims to create a sustainable ecosystem around blockchain technology and digital assets.
Explaining the decision to stop operating in the country, Binance said, “Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. 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.” Financial Regulators Continue Clamping Down on Binance. This news comes after the Monetary Authority of Singapore (MAS), the country’s central bank, said Binance might have been in breach of local laws by offering Singaporeans crypto services. According to the regulator, Binance was potentially breaching the Payment Services Act.