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Regulator Concerns Force Binance to Remove Singapore Products

Binance, a cryptocurrency exchange that has been seeing backlash in numerous countries, has announced a restriction of its services in Singapore, Reuters reported.

This comes after the Singaporean central bank, Monetary Authority of Singapore, said Binance should stop offering payment services. The reason for the crackdown is the worry that Binance might not have the appropriate license to deliver its services to residents, according to the report.

The restrictions will only apply to Binance’s global platform, rather than its Singapore platform, which users are being urged to switch to by Binance CEO Changpeng Zhao, the report stated.

Going forward, Binance will stop offering the option to access Singapore dollar payments and dollar trading pairs beginning Friday (Sept. 10). And the app will be taken off the Singapore iOS and Google Play stores, according to the report.

Binance is just one of several crypto exchanges that have been facing increased pushback from regulators around the world as digital currencies become more of a popular idea, and thus more open to scrutiny, the report stated. Singapore is the latest battlefield for Binance, which has also seen restrictions in Britain, Italy and Hong Kong on certain services.

Meanwhile, in Malaysia, the regulator had harsh words for the company for operating illegally there, according to the report. Binance has also been under investigation by the U.S. Department of Justice (DOJ) and the IRS.

In August, Binance added new features for verification, updating its know your customer (KYC) and anti-money laundering (AML) services.

Read more: Binance Adds Intermediate Verification to KYC for Added Security

“User protection is an integral part of our DNA and core values. Our vision is to create a sustainable ecosystem that is safe for all participants,” Zhao said at the time, adding that the company has “laid the groundwork by investing heavily in security and user protection, supporting law enforcement from around the world with high-profile investigations and helping cybercrime victims recover millions of dollars’ worth of stolen funds.”

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