Binance prohibits the use of the Singapore dollar on its platform

Binance prohibits the use of the Singapore dollar on its platform

Binance Bitcoin Torge will prohibit customers use the Singapore dollar in operations on their platform, as well as remove applications from the regional App Store and Google Play. The company explained the decision with a desire to comply with local legislation.

Previously, the Singapore monetary control (MAS) included Binance in the “List of Investors” (Investor Alert List). The regulator emphasized that it does not control its activity.

The head of Chanpeng Zhao recommended Singapore clients to use the Binance platform.SG, which belongs to Binance Singapore. The latter sent an application for a license to the MAS and is currently working as part of the exception provided for by the Law “On Payment Services”.

There may be more reconstruction on sg users on @binance (.com). We Don`t Make The Rules, Mas Does, We Follow. We Ask for Your Understanding.

Run it happens, There Will Always Be Grace Periods for You To Cancel Orders/Positions and Withdrawals. Your Funds are Always #safu.

– Cz 🔶 Binance (@cz_binance) September 5, 2021

“For clarity, binance.COM does not work in Singapore and will remove trading pairs, as well as take other actions. BINANCE SINGAPORE is an independent organization that works in the state on the basis of an exception while the license is obtained. For local users, additional restrictions can be introduced. We do not establish the rules, but MAS, we just follow them, ”Zhao wrote.

He also added that customer funds are safe. If the company will have to turn off operations, users will give time to close positions and withdraw funds.

In June, the British financial supervision department banned Binance Markets Limited any regulated activities in the country without preliminary written approval.

The Kaymanovs of the island began to check the work of the exchange, Thailand and Hong Kong accused the company of activities without a license, Japan issued her another warning.

Polish regulators warned consumers about the risks of interaction with the platform, and Italy and Malta – about the unregulated activities of Binance.

At the end of July, the Malaysian Securities Commission announced forced measures regarding the trading platform “For the illegal management of digital assets exchange”.

In August, the Central Bank Netherlandov announced the absence of registration with Binance to provide services in the country.

Recall, on September 3, the South Africa Office for the supervision of the financial sector called on local investors to “caution and vigilance” when working with a cryptocurrency exchange.

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