Binance will stop offering Singapore dollar payment options
and Singapore dollar trading pairs from Sep. 10 and remove the app from the
Singapore iOs and Google Play stores, it said in a post on its website.
The Monetary Authority of Singapore became the latest
regulator to take aim at Binance, warning last week that its global platform,
Binance.com, could be breaking the law by providing payment services to Singapore
residents without an appropriate licence.
Binance.com will stop offering Singapore dollar payment
options and Singapore dollar trading pairs from September 10 and the app will
be removed from the Singapore iOS and Google Play stores, it said in a post on
its website.
The restrictions only apply to Binance's global platform and
not its Singapore platform, which Changpeng Zhao, the company's chief executive
has urged users to switch to.
Cryptocurrency exchanges like Binance, which previously
could serve almost all markets in the world via one platform, are now
increasingly running into resistance from local regulators.
In recent months, regulators in Britain, Italy, and Hong Kong have said Binance units are not authorised to carry out some activities in their markets, while Malaysia's financial regulator reprimanded the exchange for operating illegally in the country. Bloomberg also reported earlier this year that Binance was under investigation by the US Justice Department and Internal Revenue Service. © Reuters