In order to comply with the country’s rules, Bennett is shutting down some services in Singapore, including the Finat Deposit Service and the spot trading of cryptocurrencies. The exchange has already stopped trading in Singapore dollars.
Binance Scaling Down Service in Singapore
Cryptocurrency exchange Binance on Monday announced some changes to its offers in Singapore. The company wrote:
From 2021-10-26 04:00 AM UTC (12:00 PM UTC + 8), users in Singapore will not be able to access some functions on Binance.com including Finat Deposit Service, Spot Trading of Cryptocurrency, Purchases. Cryptocurrency through Fiat Channel and Liquid Swap (‘Regulated Payment Service’).
The announcement added that “users in Singapore have been advised to close all related businesses within a period of time, withdraw Fiat assets and redeem tokens in order to avoid potential trading disputes.”
Binance is undergoing change in Singapore, as the Monetary Authority of Singapore (MAS), the country’s central bank that oversees the crypto sector, has issued a warning about Binance. The central bank wrote: “MAS has reviewed the activities of Binance.com and thinks that the operator of Binance.com may be in violation of the Binance Payment Services Act.
It later stopped trading in Singapore dollars in compliance with local laws and removed the app from the Singapore iOS and Google Play Store.
In August, Beyonc করেন appointed Singapore CEO with many years of consensual background. Richard Teng was previously the CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Markets (ADGM).
Meanwhile, the ban has been extensively scrutinized by global regulators, including the United Kingdom, the Netherlands, South Africa, Hong Kong, Malaysia, Thailand, Lithuania, Italy and Canada. U.S. authorities are also investigating Binance for potential market manipulation and insider trading.
What do you think about the banning of some services in Singapore? Let us know in the comments section below.
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