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Singapore: Binance Lacks License to Offer Services

The Monetary Authority of Singapore said cryptocurrency exchange platform Binance Holdings Ltd. had been providing payment and business transaction services to Singapore’s residents without proper licensing, according to a Thursday (Sept. 2) Bloomberg report. 

The city’s Payment Services Act requires issuance of a license and Binance, according to the article, had not applied for a license. In response to Binance’s apparent failure to apply for a license, the Monetary Authority of Singapore included on the investor alert list, which cautions users that Binance is not authorized to provide local payment services.  

Thursday’s announcement follows a recent PYMNTS report that Binance had integrated an intermediate verification stipulation for all users, bolstering the 4-year-old company’s know your customer (KYC) and anti-money laundering (AML) protocols. 

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

Binance provides blockchain and cryptocurrency infrastructure with an integrated array of crypto products and services that includes the largest digital asset exchange by volume, according to PYMNTS. Last month, Binance said it regularly reviews its products in alignment with changing regulatory guidelines in the U.S. and around the globe. The new security measures are intended to “enhance user protections and provide a safe crypto environment for everyone,” the company said. 

The addition of Binance’s recent verification tools comes in the wake of a $2.6 million hack, according to PYMNTS. Funds have since been recovered, but not before a U.K. high court instructed the crypto company to identify the hackers.  

See also: UK High Court Tells Binance to ID Crypto Hackers 

Binance has come under fire by regulators as part of a crackdown on cryptocurrencies, which some believe could be used more readily for money laundering operations. The company also has been scrutinized for its compliance standards, according to PYMNTS. In July, Binance was shut out of activity in Italy, according to PYMNTS. In response, a Binance spokesperson said the crypto company did not work out of Italy and was collaborating with regulators. 

Related: Bitcoin Daily: Binance Shut Out Of Italy; PayPal Raises Cryptocurrency Limits 

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