Binance has stopped offering some of its services to its Singaporean customers after evaluating its product and service to comply with local regulations
According to an official statement, the exchange will cease offering SGD trading pairs, SGD payment options, and it will remove the Binance App from Singapore iOS and Google Play stores.
Binance advised traders “to complete all related P2P trades and remove related trade advertisements by Thursday,” 4 AM UTC ” to avoid potential trading disputes.”
The exchange also warned that it is not running any Telegram or online communication channels in Singapore.
In the last 24 hours, bitcoin is up by 3.42%, with a current price of $51,678.18 as at the time of writing this. Within 24 hours, bitcoin dropped to $49,920 low and $51,998 high. The trading volume of bitcoin in the last 24 hours is $892.20M. The current market capitalization of bitcoin is $971.94B. Currently, $18.81M bitcoins is in circulation.
Stats and Image from Coin Desk
The step Binance took to limit its offering to its Singapore customers comes after the Monetary Authority of Singapore (MAS) listed Bianance.com on its Investor Alert List. This is to warn its citizens that Binance is not licensed to provide any payment services in the country and may be in breach of the Payment Services Act.
The last few weeks has been quite challenging for the world largest crypto exchange, following different pressure mounted on it by financial regulators of different countries. These countries apart from Singapore include South Africa, Malaysia, Singapore, the UK, Italy, the Cayman Islands, and Japan.