Monetary Authority of Singapore (MAS): Binance to ban Singapore dollar on its platform

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The Monetary Authority of Singapore (MAS) has added cryptocurrency exchange Binance to its Investor Alert List. The regulator said it has no control over the company's operations:

The Investor Alert List contains a list of unregulated entities that, based on information obtained by MAS, may have been mistakenly deemed licensed or regulated by MAS. The list is not exhaustive and is based on what MAS knew at the time of publication.

The casino site of the main exchange, binance.com, was on the regulator's list, but the Singapore domain zone exchange(binance.sg) is not mentioned in the MAS. Binance Asia Services Pte. Ltd. does not provide services through the main Binance portal (Binance.com), and its activities are focused on "developing the cryptocurrency ecosystem in Singapore.

Binance.sg operates in the country through the legal entity Binance Asia Services Pte. Ltd. The organization is currently on the list of companies that have been exempted from holding a license under the Payment Services Act , but its activities are being tracked and monitored by the financial regulator.

Singapore Dollar (SGD) Ban

Binance banned customers from using the Singapore dollar in transactions on its platform and will also remove apps from its regional App Store and Google Play. The company attributed the decision to its desire to comply with Singapore law:

As Binance continually evaluates its products and services to comply with local regulations, we will discontinue the following products and offerings in Singapore on Friday, September 10, 2021, at 04:00 UTC (12:00 UTC + 8).

- SGD trading pairs
- Payment options in SGD

Removal of the app from Singapore iOS and Google Play stores

Binance P2P will remove SGD trading pairs on Friday, September 10, 2021, at 04:00 UTC (12:00 PM UTC + 8). Users are advised to complete all related P2P trades and remove related trade advertisements by Thursday, 09.09.2021, 04:00 AM UTC (12:00 PM UTC + 8) to avoid potential trade disputes. Please note that we also have no official Telegram channels or online communications in Singapore.

Our goal is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes regulatory changes in our industry, as they provide opportunities for market participants to work more closely with regulators. We are committed to working constructively to develop policies that benefit every user.

CEO Changpeng Zhao recommended that Singaporean customers use the Binance.sg platform, which is owned by Binance Singapore. The latter has submitted an application to MAS for a license:

"To be clear, binance.com does not operate in Singapore and will remove trading pairs and take other actions. Binance Singapore is an independent entity that operates in the state on an exemption basis while it goes through the licensing process. Additional restrictions may be imposed on local users. We don't make the rules, MAS does, we just follow them," Zhao wrote.

He also added that customer funds are safe. If the company has to curtail operations, users will be given time to close positions and withdraw funds.

23.09.21

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