Crypto Alerts are buzzing that to comply with the regulatory criteria set by the Monetary Authority of Singapore, Binance, which is owned by billionaire Changpeng Zhao, has scaled back its services for Singaporeans.
Binance is the world’s largest cryptocurrency exchange, and it is owned by billionaire Changpeng Zhao.
Users in Singapore will no longer be allowed to deposit fiat currencies, conduct spot transactions, or purchase any cryptocurrencies on the business’s global platform, Binance.com, the company announced on Monday. The ban will take effect on October 26.
The cryptocurrency behemoth stated that the latest step is designed to bring its services “in line with its commitment to compliance” with government regulations. In the city-state, users were urged to stop all linked trades, withdraw fiat funds, and redeem their tokens by the end of October.
Global platform Binance regularly assesses offers to ensure they match both client demand and local requirements. We are working closely with the Monetary Authority of Singapore and other global regulators to ensure we meet all regulatory criteria. So we regularly watch policy, rule, and legislative changes.”
Binance is the largest cryptocurrency exchange in the world in terms of the trading volume.
It should be noted that the company’s local platform, Binance Singapore, which is run by affiliate Binance Asia Services, is exempt from these latest restrictions. That firm has been granted permission to operate under an exemption and has submitted an application for a license with the Monetary Authority of Singapore.
Binance.com said earlier this month that it will no longer accept Singapore dollar payments. The company’s app was also removed from the iOS and Google Play marketplaces. The platform quickly complied when the Monetary Authority placed it on its investor alert list, which contains unregulated enterprises that may be “misinterpreted as licensed or regulated” by authorities.
Financial watchdogs from around the world have been scrutinizing Binance in recent months, citing concerns about the use of cryptocurrency in money laundering and the high-risk nature of its products as reasons for their actions. Binance has been barred from operating in the United Kingdom, while regulators in other locations including Hong Kong and Japan have issued warnings about the exchange’s activities.
A spokeswoman for Binance stated that the company is “willing to assist authorities from all over the world and collectively identify the ideal approach to set a fair playing field.” “Consumer protection is crucial to all of us,” the spokesperson added. ‘We are committed to our business for the long term, and we want to build a sustainable ecosystem around blockchain technology,’ says the company.”
Zhao founded Binance in 2017, and it has since grown to be the world’s largest cryptocurrency exchange by trading volume, according to CoinGecko. The company’s main platform claimed an average daily trading volume of $2 billion and over 1.4 million transactions per second, according to Binance.com.