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Cryptocurrency exchange platform Binance has announced that it will remove its app from Singapore's iOs and Google Play stores on Sep. 10 to comply with "local regulations".
The platform will also stop offering SGD trading pairs and payment options by Sep. 10, with users advised to remove trade advertisements, and complete all related peer-to-peer (P2P) trades by 12pm on Sep. 9 so as to avoid "potential trading disputes".
Reuters reported that the restrictions only apply to Binance's global platform and not its Singapore platform, with the company's CEO, Changpeng Zhao, urging users to switch to the local platform.
MAS: Binance may be in breach of Payment Services Act
The move follows a warning by the Monetary Authority of Singapore (MAS) that the platform may be in breach of the Payment of Services Act for providing payment services and soliciting such business from Singapore residents without a license, Bloomberg reported.
A spokesman for MAS added that Binance did not apply for a license under the Payment Services Act and that the platform was placed on the investor alert list, so as to warn consumers that it is not licensed or regulated for the provision of payment services, CNA further reported.
The platform added, "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."
It also clarified that it was not operating any official Telegram or online communication channels in Singapore.
Users will also no longer be able to transfer funds between Binance.com and Binance.sg
MAS also said that it expected a suspension of transfers of digital payment tokens between Binance.com and Binance.sg, The Straits Times reported.
This suspension is to be carried out by Binance Asia Services, which is Binance's Singapore-registered unit.
Considered as a separate legal entity, Binance Asia Services can continue to provide such services while its application for a license under the Payment Services Act is being processed.
The move by MAS against Binance follows other places such as the UK, Italy and Hong Kong, which announced that Binance units are not authorised to carry out some activities in their markets, Reuters further reported.
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Top image via Binance Facebook