Binance Cryptocurrency Exchange said on Sunday that it will be suspending the supply of there products and services provided by them in Singapore in the wake of previous warnings that the company might violate Singapore’s payment services law.
Binance further said in a blog post that Singapore dollar(SGD) trading pairs and payment options will be disabled and the app will be removed from iOS and Google Play stores platforms in Singapore until Friday. The firm further ordered the removal of all peer-to-peer trades involving consumers by Thursday to “avoid possible trade disputes” and to remove relevant commercials.
While taking these steps Binance said that
“Consumer protection is important to all of us, and thus we are ready to assist regulators around the world and find the best way to set up affordable ground.”
Although this move will have an impact on Binance.com – there will be no changes as such on services provided by Singapore-based Binance.sg company.
Binance Asia Services, which runs Binance.sg, recently submitted a license application, currently exempted from having a license to provide digital payment token services, according to the Monetary Authority of Singapore. Although that application is still under consideration.
MAS said on September 2 that it could violate financial law to provide payment services and request such a business from Singapore residents without a proper license. As a result, the firm should stop providing paid services to Singaporeans citizens.
Binance said on Sunday that there were no official telegrams or online communication channels in Singapore and that they were also committed to being active in policy making.
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