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Cryptocurrency exchange Binance is significantly decreasing its exposure to the Singapore crypto market.
Just days after the Monetary Authority of Singapore (MAS) said the exchange may be in violation of the country’s Payment Services Act, Binance announced it is removing SGD trading pairs and payment options. It will also remove its app from iOS and Android stores used by Singapore residents.
Binance will implement the changes effective Friday, Sept. 10 at 04:00 UTC.
Although Binance have drastically upped their compliance and are fully committed to the cause to address regulatory concerns globally, on Thursday Singapore became the latest country to take aim at the exchange, issuing an investor alert for Binance’s global website. The MAS said Binance may have breached Singapore’s Payment Services Act by providing payment services to and soliciting business from residents of Singapore. The authority ordered Binance to stop such activities immediately.
Binance is currently awaiting decision on its application to operate in Singapore.