Binance announced that it will roll back product offerings in Singapore amid warnings from financial regulators that the company may have violated payments laws.
Singaporeans will no longer be able to trade crypto currencies or receive payments denominated in the Singapore dollar. The Binance mobile app will also be removed from Singapore’s Apple and Google Play stores. The exchange said all SGD trading pairs will be removed at 04:00 UTC on Sept. 9, with users advised to complete all peer-to-peer trades 24 hours in advance of the deadline.
The decision by Binance came mere days after the Monetary Authority of Singapore, or MAS, warned that the exchange may be in breach of the country’s Payment Services Act. Binance is facing upheaval from financial authorities all over the world for allegedly failing to comply with local regulations, such as providing exchange services without receiving the appropriate licenses.
Japan, Germany, the United Kingdom and the Canadian province of Ontario all cracked down on Binance exchange offerings this summer. More recently, South Africa’s financial regulator warned its citizens that Binance is not authorized to operate in the country.
