Binance restricts its product offerings in Singapore in response to regulator crackdown

Global cryptocurrency exchange Binance announced on Sunday that it will reduce its product offerings in Singapore after the financial regulator warned the company that it may have violated the Payment Services Act.

According to an announcement on Sunday, Binance will ban Singaporeans from trading cryptocurrencies or accepting payments denominated in Singapore dollars (SGD) starting September 9. The Binance mobile app will also be removed from the Apple and Google Play stores in Singapore.

The exchange said that all SGD trading pairs will be delisted at 04:00 UTC on September 9, and advised users to complete all peer-to-peer transactions and delete related trading advertisements 24 hours before the deadline. According to Binance, this is to avoid "potential trading disputes."

Binance wrote, “Our goal is to build a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments in regulatory frameworks for our industry as they provide opportunities for market participants to strengthen collaboration with regulators. We are committed to constructively crafting policies that benefit every user.”

As previously reported by Bitpush, the Monetary Authority of Singapore (MAS) included Binance on its investor warning list on September 1, warning consumers that Binance has no regulation or license to provide any payment services locally.

Binance has faced regulation from financial authorities around the world for allegedly failing to comply with local regulations, such as offering trading services without obtaining proper licenses. This summer, Japan, Germany, the United Kingdom, and the Canadian province of Ontario all cracked down on Binance exchange products. More recently, South Africa’s financial regulator warned its citizens that Binance was not authorized to operate in the country.

Despite the regulatory crackdown, Binance’s global exchange handles more trades than any other platform, with just over $24 billion in volume on Sunday, according to CoinMarketCap.

However, several other exchanges are also struggling with regulatory compliance in various jurisdictions around the world.

South Korean trading platforms are on alert as they try to meet the requirements set by the country’s top regulator, the Financial Services Commission (FSC). Some 11 exchanges are at risk of closure after failing to meet those requirements by a September 24 deadline.

The BitMEX derivatives exchange was accused by the Commodity Futures Trading Commission (CFTC) of operating an illegal exchange in the U.S. The exchange paid $100 million to settle with the regulator.