More news from Binance, the crypto exchange.
On September 5, the site announced that it will be suspending SGD trading pairs and payment options in SGD. Binance will also be removing its app from Singapore’s iOS and Google Play Stores. The decision will enter into force on September 10 at 04:00 UTC (12:00 UTC + 8).
Binance advised its users to close all peer-to-peer transactions in 24 hours.
This decision was provoked by the notice issued by the Monetary Authority of Singapore (MAS) which cautioned that Binance could be violating Singapore’s payment services law.
The exchange has been under fire lately, facing restrictions in many countries due to its unlicensed trading services.
South Africa had recently prohibited Binance from operating in the country. The Financial Sector Conduct Authority (FSCA) had declared that cryptocurrency is not regulated in the South Africa.
“As a result, if something goes wrong, you are unlikely to get your money back and you will not contact anyone,” the FSCA statement says.
We hope that the exchange will be able to rehabilitate itself and continue its activities.