07 Sep 2021
Cryptocurrency exchange Binance will not offer products in Singapore dollars and will stop all online communication operations in the country by Friday, after a warning from the local regulator, according to an announcement on the company’s website on Sunday.
The company outlined it will stop trading cryptocurrency pairs and payment options denominated in Singapore dollars, it said it would also remove its app from the country’s Apple and Google pay stores and stop all online communication, including its Telegram channel. Users have been encouraged to complete all their Singapore dollar-based trades by Thursday.
This decision comes after the Singaporean regulator put Binance.com on its investor alert list last Thursday. The list makes people aware of any unregulated platforms that the Monetary Authority of Singapore initially assumed were licensed based on the information that they had at the time of approving them.
By Camomile Shumba, Business Insider, 6 September 2021
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