Crypto exchange Binance says it’s undertaking a number of new measures to comply with Singapore’s financial regulations.
Binance says that starting on September 10th, it will delist all Singaporean dollar (SGD) cryptocurrency pairs.
The crypto exchange will also halt payment options related to the SGD and remove the Binance app on mobile app stores in Singapore.
“As Binance constantly evaluates its product and service offerings to remain compliant with local regulations, we will cease the following products and offerings in Singapore on Friday, 2021-09-10 04:00 AM UTC (12:00 PM UTC+8).
– SGD trading pairs
– SGD payment options
– Removal of the App from Singapore iOs and Google Play stores”
The crypto exchange says that it “welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators.”
Binance’s Singapore decision comes after the city-state’s central bank, the Monetary Authority of Singapore (MAS), placed the cryptocurrency exchange on