The regulatory noose is tightening and Binance, feeling the pressure, has acted to comply with regulatory standards by withdrawing crypto services to Singaporeans as from 26 October.
Binance announced on Monday that it would withdraw the ability to purchase or trade any cryptocurrencies on its global platform for Singaporean citizens as of 26 October.
The move is aimed at bringing the world’s largest crypto exchange into line with the regulatory standards of the Monetary Authority of Singapore. Binance has let its Singaporean users know of the decision, and has given them till the October deadline to stop trading and to withdraw their assets.
A Binance spokesperson said of the decision:
“We are working closely with the Monetary Authority of Singapore and other global regulators to comply with the relevant regulatory standards and facilitate any required service changes. We are actively keeping abreast of changing policies, rules and laws in this new space.”
The move in order to comply with regulations does not apply to the Binance local platform in Singapore named “Binance Singapore”. This is a separate company and is operating under an exemption as it waits for a license application to be reviewed by the authorities.
In a further move to remain compliant, Binance had its app removed from the Singapore versions of the Apple and Google Play stores, and also withdrew trading pairs in Singapore dollars.
All this activity on the part of Binance followed the Singaporean authority warning to investors, by putting the exchange on the “alert list” for unregulated entities that might be perceived as being regulated by unknowing investors.
This latest effort to comply with regulatory standards in Singapore is yet another move by Binance to pacify regulators from around the world. The UK recently warned Binance against operating in the country, while Hong Kong and Japan have also issued warnings.
The Spokesperson said:
"We are ready to assist regulators from around the world and together find the optimal way to set a fair playing field—consumer protection is important to all of us. We are committed to our industry for the long term and want to create a sustainable ecosystem around blockchain technology."
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.