SINGAPORE, 6 Sept 2021:
Binance, the world’s largest cryptocurrency operator, announced it would cease several operations in Singapore following the investor alert issued last week by the country’s monetary authority.
In a statement, Binance said it would stop offering the purchase and sale and payment options from Friday through the Singaporean dollar and will withdraw its application from the Apple and Google download platforms in the city-state.
Binance advises its users, in the text published yesterday on its official portal, to “complete all transactions and remove all related commercial announcements by Thursday to avoid possible commercial disputes.”
Last week, MAS placed the digital currency exchange platform on its investor alert list by saying Binance is not officially recognised by the body.
In response, Binance remarks in its statement that it is committed “to work constructively in the formulation of policies that seek to benefit all users” with the aim of “creating a sustainable ecosystem around blockchain technology and digital assets.”
This decision by the Singaporean Monetary Authority comes a month after Malaysia ordered Binance to cease the activity of its website and mobile applications in the country as an exchange of illegal digital goods and after also placing it on its blacklist for investors.
Regulators in different countries have increased the pressure on Binance in recent months.
Founded in 2017, Binance is the largest cryptocurrency operator by transaction volume, reaching billions of dollars a day.