Binance stops trading Bitcoin (BTC) for Singapore dollars
Binance, one of the largest cryptocurrency exchanges, will cease offering trading pairs in Singapore dollars (SGD). This decision was made after the Monetary Authority of Singapore (MAS) stated that the exchange violates the Payment Services Act.
Binance strives to meet the requirements of regulators
Yesterday, Binance announced that the company changes the policy of working with Singaporean investors. From 10th September, the platform will stop offering trading pairs in Singapore dollars and remove the option of paying for services in SGD. Representatives of the exchange explained that it was a necessary measure to meet the requirements of local regulatory authorities.
As reported by Bitcoin.com, on Friday, all SGD trading pairs will be removed from the platform. The exchange recommends that users complete all initiated transactions by this time. Additionally, Binance will remove their mobile app from the Singapore iOS and Google Play stores as well as stop running ads.
Binance representative stated that the company aims at creating a sustainable ecosystem around blockchain technology and digital assets. “Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators,” they added.
Quick reaction and appropriate response
The company decided to stop trading in local currency after a statement made by the Monetary Authority of Singapore. The MAS announced that after reviewing the activities of Binance, it believes that the exchange may violate the Law on Payment Services. Representatives of the Central Bank of Singapore added that the platform should stop providing payment services to Singaporeans.
After such serious a statement, the management of Binance decided to take action. The company strives to comply with all the requirements received from financial regulators of different countries. For this purpose, last week, the platform hired Richard Teng, CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), to hold the same post but in the Singapore division of Binance.
Recently, Binance has been getting the attention of regulatory authorities in many countries. The authorities of the United Kingdom, the Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, Lithuania and South Africa said that the platform violates their laws. However, Binance does not give up and is trying to take a leading place among cryptocurrency exchanges that respect the jurisdictions of countries. The management of the exchange is confident that this will allow them to become the financial organisation “number one”.
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