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Binance Made To Minimise Services In Singapore

By Max S - Cryptocurrency Enthusiast - 06-09-2021


One of the world's large crypto exchange platforms has been suffering from a bit of bad luck in recent months. Back in August of this year, Binance was forced to cease all services in Malaysia due to illegal operations. In similar news, Binance is heavily reducing services due to a potential breach of local payment rules in Singapore.

After Binance received regulatory warnings from Singapore, the platform to exchange crypto has released a statement that it will no longer make many of its services and products available to the country. The regulator warnings come as another huge blow to Binance as the company will cease cryptocurrency trading operations in Singapore by September 9.

Due to Binance not being registered or having a license to run its business to trade crypto in Singapore, this means that as well as the companies services coming to a halt, the Binance mobile app will also be removed from Singapore's Apple and Google Play stores.

Similar to that of Binance's ban in Malaysia, the Monetary Authority of Singapore (MAS) placed Binance on the Alert List. In fact, Malaysia and Singapore are not the only countries that have reportedly accused Binance of illegal operations. Due to the repercussions of the company's actions globally, the Binance US branch, which runs as a separate and more independent legal company from the rest of the business worldwide, has gotten unwanted attention as a result. Binance US has suffered from the loss of $100 million that was pulled out from a funding round that was meant to go toward the exchange.

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