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Binance restricts Singapore services after central bank censure

By Aaron Woolner

04:48, 6 September 2021

Sign outside Monetary Authority of Singapore building
The Monetary Authority of Singapore building – Photo: Shutterstock

Digital currency exchange Binance announced on 5 September that it would restrict the products it offers in Singapore after the Monetary Authority of Singapore (MAS) told it to stop providing payment services locally. 

On Friday, an MAS spokesperson told Capital.com that it has been “engaging” with the digital currency platform and that it expects the firm to immediately begin an orderly suspension of its facilitation of transfers of digital payment token assets. 

Yesterday, Binance said it will remove its app from the Singapore Apple and Google app stores and stop offering SGD trading pairs and payment options from Friday this week, the firm said in a blog post. 

Binance “constantly” evaluates its product offering 

Users are advised to complete all related P2P trades and remove related trade advertisements by Thursday to avoid any potential trading disputes.

DOGE/USD

0.41 Price
+6.240% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

BTC/USD

99,286.85 Price
+1.190% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ADA/USD

0.97 Price
+20.660% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

ETH/USD

3,306.84 Price
-1.290% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

In its blog post, Binance said that it constantly evaluates its product and service offerings to remain compliant with local regulations and this latest move is part of the firm’s broader strategy. 

“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user”.

This move is related purely to Binance.com. Its local arm Binnance.sg, part of Binance Asia Services, is in the process of applying for a payments licence in Singapore and is able to provide services until the licencing process is complete, a spokesperson told Bloomberg. 

Read more: Singapore orders Binance to stop providing payment services

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