After the authorities of Singapore put Binance on its alert list, the crypto exchange has decided to put restrictions on its product offerings in Singapore.
The authorities of Singapore are suspicious that Binance has been breaking laws in regards to the payment regulations set by the country, so they decided to put Binance on the alert list a few days ago. In response, Binance has restricted its crypto-based services in the country after receiving multiple warnings from Regulators. The situation has gotten a lot serious as Singapore has started to crack down on cryptocurrencies.
As mentioned in a recent blog post, people in Singapore will not be allowed to perform trades using cryptocurrencies and also will not be allowed to receive any sort of payments in the Singaporean Dollar, respectively. The online mobile application of Binance will also be removed from the Singaporean Region version of the Google Play Store and Apple’s App Store. Officials from Binance stated that every single one of the trading pairs of Singaporean Dollars is scheduled for removal on the 9th of September and has also given users the time to make sure they are prepared for the removal so that no valuables are lost.
Binance Faces Regulatory Pressure
Binance had initially shown up on the Alert list on the 1st of September. The alert list contains information about individuals and companies who might have been having a fake license to operate or being part of false and incorrect regulations. Binance has been on the hit list by many financial regulatory authorities around the globe for failing to follow the appropriate regulations set by the respective authorities and still continuing to provide services. Many famous countries including, Japan, UK and Canada, have been cracking down on services provided by the Binance exchange. Just recently, the financial authorities of South Africa warned its people that Binance is banned from operating in the region, so they should be careful.
All of this mess has also raised concerns over the services provided by Binance in the United States, where the company is said to be operating as a distinguished legal company. Seeing the trouble, investors have started to back off from funding rounds worth millions of dollars.
Binance, however, is still showing positive numbers on the board, as it still holds the position of having the most trades processed around the world.