Binance Minimise Services for Singapore amongst Regulatory Warnings

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Easily one of the world’s largest crypto exchanges Binance has been suffering from a bit of bad luck in recent months. Back earlier in august this year, the giant exchange platform was forced to cease all services in Malaysia due to regulatory issues. The news comes at a time when Binance has been heavily reducing its services due to a potential breach of local payment rules in Singapore. 

After Binance received multiple regulatory warning from Singapore authorities, the exchange platform has released a statement that it will no longer provide services and products to Singapore. The regulatory warnings will come as another huge blow to Binance as the platform will cease cryptocurrency trading operations in Singapore no later than the 9th September.

Due to Binance not registering or having a licence to run its business to trade cryptocurrencies in Singapore, the company’s services unfortunately must come to a halt. Furthermore, the Binance mobile app will also be deleted from Singapore’s Apple and Google Play stores.

In similar circumstances to that of Binance’s previous ban in Malaysia, Binance has been placed on the alert list by the Monetary Authority of Singapore (MAS). In fact, Binances’ regulatory issues exceed that of Malaysia and Singapore as well as South-East Asia more broadly. Due to the consequences of company violations globally, Binance have a segregated Binance US branch which operates as a separate and more independent legal company from the rest of the business worldwide, which has received scrutiny from the press as a result. Furthermore, Binance US has consequently seen funding rounds being suppressed with $100 million in funding being pulled, as repercussions for its activity.

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