Binance Halts Singapore Products
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Cryptocurrency exchange Binance has responded to a warning by Singapore’s regulator by removing some of its offerings in the city-state.
Binance will cease Singapore dollar trading pairs and payment options, according to a blog post over the weekend, alongside the removal of its app from Singapore’s online stores.
The halt will begin as of Friday and users have been advised to complete all related peer-to-peer trades and remove related trade ads by Thursday to avoid disputes.
Consumer protection is important to all of us, Binance.com said in a statement. We are ready to assist regulators from around the world and together find the optimal way to set a fair playing field.
The latest move only relates to Binance.com with no services changes on Binance.sg, Binance’s Singapore entity, according to a spokesperson.
Binance Asia Services, which operates Binance.sg, recently submitted a license application to the Monetary Authority of Singapore. It is currently exempt from holding a license for the provision of digital payment token services until the review of its license application is completed.
Questions & Answers
Q.Which specific services are being halted by Binance in Singapore?
Which specific services are being halted by Binance in Singapore?
Binance is ceasing Singapore dollar trading pairs and payment options. Also, its app will be removed from Singapore's online stores. This halt applies to Binance.com offerings, not Binance.sg services.
Q.When do customers need to complete their transactions before the halt takes effect?
When do customers need to complete their transactions before the halt takes effect?
Users have been advised to complete all related peer-to-peer trades and remove any related trade advertisements by Thursday. The halt of services itself will begin as of Friday.
Q.Does this halt affect all Binance operations in Singapore?
Does this halt affect all Binance operations in Singapore?
No, this halt only relates to Binance.com's offerings. There are no service changes on Binance.sg, which is Binance's Singapore entity and is operated by Binance Asia Services.
Q.Is Binance.sg currently regulated in Singapore?
Is Binance.sg currently regulated in Singapore?
Binance Asia Services, which operates Binance.sg, has submitted a license application to the Monetary Authority of Singapore. It is currently exempt from needing a license for digital payment token services while its application is under review.
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