Singapore Monetary Authority has placed the Binance exchange on its alert list of investors on Wednesday. This is due to some concerns about the possibility that the crypto exchange might have violated the local payments laws.
On Sunday, the global crypto exchange has announced its intention to cancel its product offering in the country. This is amidst regulatory warnings from Singaporean Financial Regulators that Binance seems to have violated local payment regulations.
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Binance is a cryptocurrency exchange currently the largest exchange globally in terms of the daily trading volume. It was founded in 2017 and is registered in the Cayman Islands.
Binance Limits Product Offerings In Singapore
From Thursday, the residents of Singapore will cease to trade cryptos or receive payments in SGD-Singapore dollars. In addition, a blog Sunday post stated that the crypto exchange’s mobile application would be deleted from Singapore’s Google or