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Binance Cuts SGD Trading Pairs Following Warning From Singapore Regulators
Last Thursday, Singapore issued an investor alert. This Friday, Binance will end payment options in the local currency.
Updated May 11, 2023, 5:54 p.m. Published Sep 5, 2021, 4:13 p.m.
Cryptocurrency exchange Binance is significantly curtailing its exposure to the Singapore crypto market.
Days after the Monetary Authority of Singapore said the company may be in violation of the country’s Payment Services Act, Binance said it is eliminating SGD trading pairs and payment options. It is also removing its app from iOS and Android marketplaces used by Singapore residents.
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The move is effective Friday, Sept. 10 at 04:00 UTC, Binance said.
This past Thursday, Singapore became the latest country to take regulatory aim at the exchange, issuing an investor alert for Binance’s global website.
Read more: Singapore Issues Investor Alert for Binance
The exchange has been in regulators’ crosshairs all around the world in recent months, including in Japan and the U.K.
Binance, which has been acting with rapidity to address regulator concerns, is currently awaiting the review of its application to operate in Singapore.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
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