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Binance Removes Support for Singapore Dollar Pairs and Payments Amid Crackdown

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Sun, 09/05/2021 - 12:11
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Alex Dovbnya
Binance has removed some offerings in Singapore due to regulatory scrutiny
Binance Removes Support for Singapore Dollar Pairs and Payments Amid Crackdown
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Binance, the number one exchange by reported trading volumes, will discontinue support for trading pairs in the Singapore dollar (SGD) on Sept. 10.

In addition, it will remove SGD payment options from the website.   

The company will also delete its application from Google Play and App Store in Singapore.

Earlier this week, the Monetary Authority of Singapore (MAS) ordered the crypto giant to stop providing payment services due to possibly violating local laws

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It remains to be seen whether the company’s removal of some offerings in the country will be enough to satisfy the regulator.

In late August, Norwegian krone trading was discontinued by Binance. The exchange also removed the Norwegian language option from its website.

Binance found itself in troubled waters earlier this year, with regulators around the world zeroing in on the top exchange. The regulatory pressure forced the leading crypto company to adopt a proactive approach to compliance.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.