Binance, a global cryptocurrency exchange, <a href="https://twitter.com/binance/status/1434471844904640513" target="_blank" rel="nofollow noopener">stated </a>on Sunday that it restricted its SGD product offerings in Singapore following concerns from banking regulators that the business may have breached payment rules.
<h2>Binance Restricts SGD Product Offerings In Singapore</h2>
According to a blog post <a href="https://www.binance.com/en/support/announcement/a38b8ee33ba847f9b91562b8709fe539?ref=JLI1VBLA&amp;utm_source=BinanceTwitter&amp;utm_medium=GlobalSocial&amp;utm_campaign=GlobalSocial" target="_blank" rel="nofollow noopener">published </a>on Sunday, Singaporeans will no longer be able to trade cryptocurrencies or receive payments denominated in the Singapore dollar, known as SGD, as of September 9.

Binance's mobile app in Singapore would be withdrawn from the Apple and Google Play stores.

Any SGD trading pairs, according to the exchange, will be wiped at 04:00 UTC on September 9, and users are urged to finish any peer-to-peer trades at least 24 hours before the deadline.

[embed]https://twitter.com/binance/status/1434471844904640513[/embed]
“Binance's decision to halt some product offers comes only days after the Monetary Authority of Singapore, or MAS, notified the exchange that it may have violated the country's Payment Services Act.
Binance was placed on the regulator's investor watch list on September 1. The list includes "unregulated persons who may have been wrongly perceived as licensed or regulated by MAS based on information received by MAS."

<h2>Binance Is Facing Regulatory Turmoil As Legislators Pursue 'Global' Exchanges</h2>
Binance is <a href="https://www.cryptoknowmics.com/news/binance-denies-allegations-of-market-manipulation-says-they-never-traded-against-users/">under criticism</a> from financial regulators throughout the world for allegedly failing to follow local regulations, such as providing exchange services without the required licenses.

This summer, Binance exchange offerings were restricted in Japan, Germany, the United Kingdom, and the Canadian province of Ontario.

Binance is not allowed to operate in <a href="https://www.cryptoknowmics.com/news/south-african-regulator-issues-warning-against-binance-group/" target="_blank" rel="nofollow noopener">South Africa</a>, according to the country's finance regulator.

The regulatory reaction appears to have centered on Binance US, which operates as a separate legal entity from the global exchange. 

As a result, it is reported that investors have pulled out of a $100 million funding round for the US exchange. Because of the failed funding round, Brian Brooks, CEO of Binance US, may have left after only three months on the job.

Despite the adverse regulatory scrutiny, Binance's global exchange conducts the most trades of any platform. Binance saw slightly more than $24 billion in transaction volume on Sunday, according to CoinMarketCap.

Binance Singapore Restricts its SGD Product Offerings Due to Regulatory Concerns

Binance restricts its SGD product offerings in Singapore, citing concerns from banking regulators that the firm may have violated payment regulations.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Binance Singapore Restricts its SGD Product Offerings Due to Regulatory Concerns

Top Picks